RICHMOND, VA – Governor Glenn Youngkin today announced that for the month of February, total general fund revenues grew by 12.6 percent ($208.2 million) versus the same period last year and are up 6.6 percent ($1,166.3 million) year-over-year through the first eight months of Fiscal Year 2025. Compared to forecast, year-to-date revenues are $187.2 million (1.0%) ahead. While February is typically not a significant month for revenue collections, most revenue sources were higher year-over-year, consisting mainly of regular payroll withholding and sales and use taxes.
“Virginia remains in a strong financial position, with state revenue running slightly ahead of plan,” said Governor Glenn Youngkin. “Virginia’s strong job growth and significant investment commitments from businesses are driving revenue growth year-over-year, resulting in a projected surplus versus the adopted budget for the fourth consecutive year.”
“Net individual income, sales and corporate income tax collections, which account for more than 90 percent of overall General Fund revenues, are collectively within one percent of forecast. Payroll withholding revenues within those amounts are 7.1 percent ahead of last year and 1.4 percent ahead of forecast indicating the ongoing strength of jobs and wages. Other minor revenue streams are also meaningfully outperforming projections,” said Secretary of Finance Steve Cummings. “We continue to have confidence in our Fiscal Year 2025 forecast.”
The full February 2025 revenue report is available here.
