RICHMOND, VA – Governor Glenn Youngkin on Feb 19th, announced that for the month of January, total general fund revenues grew by 2.4 percent ($66.0 million) versus the same period last year and are up 5.9 percent ($958.1 million) year-over-year through the first seven months of Fiscal Year 2025. In addition to the December revenue reforecast, which reflected a $2.1 billion surplus over the adopted budget last May and was assumed in the Governor’s proposed FY 2025 budget amendments, year-to-date total fund general fund revenues are ahead by $114.9 million.  

“Virginia continues to maintain a strong financial position and our prudent budget forecast remains on track. The record job growth and record business investment drive record state revenue growth, fueling the projected budget surplus for our fourth year running in the Commonwealth,” said Governor Glenn Youngkin. “Our agenda of providing tax relief, lowering the cost of living, streamlining regulations, attracting business investment and enabling a great quality of life is yielding real results for Virginians.”  

“January is a significant month for revenue collections, including estimated individual nonwithholding payments, as well as withholding and sales and use taxes from the holiday shopping season,” said Secretary of Finance Steve Cummings. “Results were consistent with expectations and, as a result, year-to-date revenues are 5.9 percent ahead of prior year, meaning that rest of year revenues need only grow by 1.8% to achieve the Fiscal Year 2025 forecast. The remaining five months include the period when the majority of nonwithholding revenues and refunds will be booked. Based upon the continuing positive economic environment supporting key revenue streams and a prudent overall forecast, we remain confident that full year revenues will meet the forecast that underlies the Governor’s introduced budgets amendments.” 

The full January 2025 revenue report is available?here.