Governor Glenn Youngkin Announces October General Fund Revenues Remain Ahead of Annual Forecast

Governor Glenn Youngkin Announces October General Fund Revenues Remain Ahead of Annual Forecast

RICHMOND, VA - Governor Glenn Youngkin today announced that total general fund revenues increased 4.1 percent for the month and 8.6 percent for the first four months of the prior year compared to the same periods last year. For Fiscal Year 2025, year-to-date revenues exceed budgeted projections by $403.3 million. October collections consist mainly of payroll withholding and sales tax collections and is generally not a significant month for other sources such as corporate income, nonwithholding taxes and refunds.

"The Commonwealth continues to be ahead of plan driven by strong labor participation and low unemployment, despite slowing growth in the labor market," said Governor Glenn Youngkin. "Virginia is financially strong and growing and we remain focused on our pro-business, pro-growth agenda."

"Virginia's economy continues to be strong through the first four months of Fiscal Year 2025," said Secretary of Finance Stephen Cummings."Revenue collections remain well above forecast, and strong individual income revenue sources supported by continued job and wage growth provide a solid base for continued revenue growth."

The fall revenue forecasting season that began with a meeting of the Governor's Advisory Council on Revenue Estimates on July 31, continued with the Joint Advisory Board of Economists meeting on October 8. The second meeting of the Governor's Advisory Council on Revenue Estimates will be on November 25. A revised forecast for fiscal years 2025 and 2026 will accompany the Governor's proposed budget which will be released on December 18.

The full October 2024 revenue report is available here.

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