RICHMOND, VA – Governor Glenn Youngkin today announced that total general fund revenues increased 7.0 percent ($134.1 million) for the month versus October last year. The year-over-year increase was driven primarily by higher individual income tax withholding and nonwithholding payments, lower refunds, and greater sales and use tax collections. On a year-to-date basis, general fund revenues increased 5.5 percent ($508.5 million) above last fiscal year and are ahead of the official forecast assumed in Chapter 725 by 5.4 percent (497.0 million) through the first four months of fiscal year 2026.
“Virginia recorded another strong revenue month, despite the backdrop of the government shutdown,” said Governor Glenn Youngkin. “With individual income growing 11% for the month and 7.5% year-to-date, our job creation continues to drive Virginia forward, helping us generate a healthy surplus and consistently meet the needs of Virginians – most recently, with the Virginia Emergency Nutrition Assistance (VENA) support when the Democrats shut down the federal government. The strength of our general fund revenue allowed us to stand in the gap using surplus revenue. While we saw some impact from the federal government shutdown on state revenue in October, there is potential for some softening in November revenues. However, historically, Virginia has not experienced significant revenue impacts from previous shutdowns. With that uncertainty behind us, we will continue to demonstrate – through prudent fiscal management, strong job growth, and record capital investment from companies expanding in the Commonwealth – that Virginia remains financially stronger than she has ever been.”
“With more than a quarter of the fiscal year behind us, revenue collections remain well ahead of forecast given the strength and diversity of Virginia’s economy, the pipeline of private-sector job creation and capital investment, and the nature of the federal jobs located in the Commonwealth,” said Secretary of Finance Stephen E. Cummings. “With the continued strength of performance in jobs and wages, strong stock market returns, and increased sales, the Commonwealth remains well-positioned to tackle the known spending pressures that will be addressed in the 2026-28 Biennial Budget that the Governor will introduce in December.”
The October 2025 revenue report will be available here.
