Virginia’s General Fund Revenues Stay Strong, Exceed Projections in August

Governor Glenn Youngkin announced that Virginia’s general fund revenues grew by 2% in August despite having one fewer deposit day than last year. Total revenues for the first two months of the fiscal year are up 8% compared to the previous year. In August alone, the state’s revenues exceeded projections by $114 million, with year-to-date revenues surpassing expectations by $205.7 million.

“The Commonwealth continues to be in a very strong financial position,” said Governor Youngkin, attributing this strength to a record number of Virginians employed. He emphasized the state’s commitment to expanding opportunities for residents while keeping a close eye on national economic trends.

Secretary of Finance Stephen Cummings echoed the positive outlook, noting strong labor markets and consumer spending. However, he cautioned that it’s still early in the fiscal year, and the coming months will provide more insight into overall revenue trends.

As Virginia monitors economic conditions, the administration remains focused on careful forecasting as it prepares for the Fiscal Year 2025 budget.

The full August 2024 revenue report can be accessed here.