Virginia continues to see higher general fund revenues than projected
RICHMOND, Va. (CBS19 NEWS) -- Virginia’s general fund revenues continue to be ahead of the December 2022 forecast.
Governor Glenn Youngkin announced on Tuesday that the year-to-date revenues are nearly $500 million higher.
According to a release, revenue collections were 2.7 percent higher in the first 10 months of fiscal year 2023.
“As the most significant revenue collection month for Virginia, April provides with the clearest picture to date that our December forecast continues to be an accurate model of the financial state of the commonwealth,” said Youngkin. “Our government remains in a strong position to accelerate results for Virginians with transformational investments in behavioral health care, community safety, child literacy and Virginia’s energy future. At the same time, Virginia can reduce taxes and lower the cost of living for local businesses and families throughout the Commonwealth. There’s plenty of money flowing into the system to continue delivering results for Virginians.”
Collections for the fiscal year are now expected to exceed projections, which means any potential economic downturn will likely appear two or three quarters later than initially expected.
April is the most significant revenue collection month for the fiscal year.
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