Virginia's general fund revenues up 14% in May
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May brought a strong economic climate to Virginia, according to the most recent state data. Virginia's general fund revenues rose by 14.2% compared to the same period last year and remain slightly ahead of the revenue forecast included in the budget approved May 13.
“With more Virginians working than ever before, Virginia’s job market continues to fuel the economic engine of the Commonwealth,” said Gov. 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.”
With one month remaining in the current fiscal year, revenue collections are up 5.9% when compared to the same period in 2023, with growth driven by higher than projected net individual income tax collections, according to state officials.
