General Fund Revenues Up Halfway Through FY23

RICHMOND, VA –Governor Glenn Youngkin announced the General Fund revenue collections for December 2022. Through the first half of the fiscal year, adjusting for policy actions and timing issues, general fund revenues were up 6.5 percent over the prior years. On an unadjusted basis, general fund revenues were 0.8 percent higher versus the projected 8.8 percent decline assumed in the Governor’s December proposed budget amendments for the full fiscal year.

“This revenue report confirms Virginia remains in a great position to make critical investments this year and lower taxes in the Commonwealth so that we can compete to win against our peer states,” said Governor Glenn Youngkin. “The consistent revenues we’ve seen throughout this fiscal year underscore the Commonwealth’s financial health and capacity to deliver tax cuts for families and local businesses throughout Virginia, I look forward to working together with the General Assembly to make this a reality, just as we did last year.”  

“December results were slightly ahead of expectations, with our major revenue sources reflecting a stable job market and consumer with continued pressure on corporate profits,”said Secretary of Finance Stephen Cummings.“For the first half of the fiscal year, revenue collections are consistent with updated revenue projections included in the Governor’s proposed budget, and I am confident that in coming months revenues will continue to meet or exceed our conservative forecast.”

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