General Fund Revenues Remains Slightly Ahead of Forecast 

Governor Glenn Youngkin today announced that general fund revenues for May 2024 increased 14.2 percent versus the same period last year and remain slightly ahead of the revenue forecast that was revised upward as part of the budget approved on May 13, 2024, reinforcing the Common Ground budget forecasts.

“With more Virginians working than ever before, Virginia’s job market continues to fuel the economic engine of the Commonwealth,” said Governor Glenn Youngkin. “We are pleased with the underlying strength of Virginia’s business climate and job growth, but with inflation at the federal level remaining persistent we will continue to exercise caution in our forecast and planning.”

“May was a strong month for revenue collections, with revenues exceeding the revised forecast,” said Secretary of Finance Stephen Cummings. “Throughout fiscal year 2024, revenue growth has exceeded expectations, supported by strong economic fundamentals which gives us confidence in the near term. But, with stubbornly high inflation and the outlook for higher interest rates for longer, we will be closely monitoring conditions for any signs of weakening in coming months.”

With one month remaining in FY24, year-to-date collections are up 5.9 percent and remain ahead of the revised forecast, driven primarily by higher than projected net individual income tax collections.

The full May 2024 revenue report is available here.