Governor Glenn Youngkin Reports Year-to-Date March General Fund Revenues Remain on Track

RICHMOND, VA – Governor Glenn Youngkin today announced that general fund revenues are up 5.8 percent ($1,163.5 million) year-over-year through the first nine months of Fiscal Year 2025 and that for the month of March, total general fund revenues declined by 0.1 percent (-$2.8 million) versus the same period last year. Compared to forecast, year-to-date revenues are 0.4% ($84.7 million) ahead, with three months remaining, while the month was down 4.6 percent (-$102.5 million). 

“Virginia’s general fund revenues are up 5.8 percent year-to-date. This growth is driven by individual income tax receipts, although refunds are greater than last year,” said Governor Glenn Youngkin. “We continue to monitor economic conditions closely to ensure the Commonwealth remains on a strong financial footing.” 

“Virginia is in a very strong position from a financial and job opening standpoint, and overall economic conditions and revenue collections to-date are consistent with our forecast,” said Secretary of Finance Steve Cummings. “The last three months of our fiscal year are the largest revenue months for the year, and we will continue to watch all data closely. We continue to believe that we will achieve our forecast for FY 2025.” 

The full March 2025 revenue report is available here.