Virginia ends fiscal year over forecast

Published 1:08 pm Saturday, July 22, 2023

Gov. Glenn Youngkin today announced that Virginia’s general fund revenues ended fiscal year 2023 $3.0 billion over the official revenue forecast, generating $5.1 billion in excess resources for the year. For the full fiscal year, overall general fund revenues were far better than the 14.0 percent decline assumed in the official forecast, declining by just 3.5 percent. The official estimate assumed a reversal of the extraordinary growth in individual income tax nonwithholding payments related to capital gains realizations in the prior year while the actual year-over-year change was significantly smaller than projected.  

“Virginians remain overtaxed. Last year we provided $4 billion of tax relief for individuals, families and veterans. What this year’s preliminary numbers tell us is that even after that historic tax package the Commonwealth ended fiscal year 2023 with $5.1 billion in excess resources, far more than forecasted,” said Governor Glenn Youngkin. “There is plenty of money in the system to fund our shared priorities of education, behavioral health and law enforcement while returning more of Virginians hard-earned dollars back to their wallets.

Email newsletter signup