Gov. Glenn Youngkin recently announced Virginia’s general fund revenues ended fiscal year 2024 $1.2 billion over the official revenue forecast. For the full fiscal year, overall general fund revenue collections grew 5.5%, well above the 1.3% increase assumed in the official forecast.
The official forecast incorporated $525 million of excess revenues received through April, and $22 million of adjustments related to the military retirement income tax subtraction. The $1.2 billion surplus fully-funds contingent spending on shared priorities incorporated in the enacted budget including the additional $90 million in funding for the recently restored Virginia Military Survivors and Dependents Education Program (VMSDEP).
“Preliminary year-end results demonstrate that robust job growth produces record revenues that allow us to make continued investments in shared priorities,” said Gov. Youngkin.
“Record revenues underpinned by Virginia’s strong job growth continue to show there is plenty of money in the system to make critical investments while cutting taxes to bring down the cost of living for hardworking Virginians,” he said. “We will stay focused on driving the policies that earned Virginia’s recognition as America’s Top State for Business and unleashing job growth and opportunity for all Virginians.”
“Revenue collections ended the fiscal year well above expectations. Not only did collections exceed estimates embedded in the current Appropriation Act by $1.2 billion, revenues also exceeded our December projections by $1.7 billion,” said Secretary of Finance Stephen Cummings.
“With this strong performance, our excess collections are sufficient to meet…
