Year-to-Date Revenues Running Ahead of February Projections

Statement

Governor Glenn Youngkin announced the general fund revenue collections for February 2023 were 1.2 percent higher in the first eight months of FY 2023, compared to the same period the previous year. Relative to the official forecast updated in December, unadjusted general fund revenues are ahead of forecast by $111.3 million year-to-date.

"February's revenue numbers confirm that our December forecast continues to accurately represent that we will have a multi-billion-dollar surplus," said Governor Glenn Youngkin. "Virginians remain overtaxed, and the Commonwealth has abundant resources available to lower costs and cut taxes for families and local businesses. At the same time, we can make critical investments to transform our behavioral health system, invest in education and law enforcement, and strengthen communities across Virginia. With the continuing uncertainties in the global economy and recent turbulence at U.S. banks, Virginia remains in a position of strength to deliver services and reduce taxes for Virginians."

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