The Shadow
RICHMOND, VA – Governor Glenn Youngkin today announced that total general fund revenues are up 6.7 percent ($892.1 million) year-over-year through the first six months of Fiscal Year 2025. For the month of December, total general fund revenues grew by 4.4 percent ($128.9 million) versus the same period last year. All major revenue sources were higher year-over-year. Compared to the revenue forecast assumed in the Governor’s proposed Fiscal Year 2025 budget and accounting for monthly variations in tax collections, year-to-date total general fund revenues are ahead of projections by $43.1 million.
“As I said earlier this week, the state of our Commonwealth is strong—very strong,” said Governor Glenn Youngkin. “The strength of Virginia’s economy is evident in the consistent revenue growth we have achieved year-over-year through the first half of Fiscal Year 2025. We are committed to the pro-business policies that have led to record job creation and historic levels of investment. The strong revenue and projected $2.1 billion surplus further supports the case for tax relief, especially from the hated car tax.”
“December was a strong month for payroll withholding and sales tax collections, further contributing to the year-over-year increase in general fund revenues,” said Secretary of Finance Stephen Cummings. “Income tax receipts, bolstered by a 5.2 percent increase in withholding and a 1.7 percent rise in non-withholding revenues, continue to drive growth. Corporate income tax collections showed improvement with a 5.6 increase for the month. Overall, general fund revenues remain ahead of projections by 0.3 percent. With revenues performing as expected and only modest growth required in the second half of FY 2025, we remain confident in meeting our forecast.”
The full December 2024 revenue report is available here.
