Governor Glenn Youngkin announced that Virginia’s general fund revenues have increased by 5.9% ($1,572.2 million) compared to the previous year through the first 11 months of Fiscal Year 2025. In May alone, general fund revenues rose by 3.0% ($86.3 million) compared to the same period last year. The current year-to-date revenues are 1.8% ($488.3 million) above forecast with one month remaining in the fiscal year.
“Virginia’s financial results remain strong, thanks to robust business investment and a strong job market,” stated Governor Glenn Youngkin. “As we approach the end of the fiscal year, our financial strength position gives us confidence to navigate any short-term challenges and continue investing in the initiatives that will expand opportunity across the Commonwealth.”
Secretary of Finance Steve Cummings expressed confidence in exceeding revenue forecasts for FY 2025 despite potential risks for FY 2026. “With the continuing strength of revenue collections across major revenue sources, we are confident that final FY 2025 general fund revenues will exceed forecast,” he said. “While there are potential risks to the FY 2026 revenue forecast, Virginia remains well-positioned to address any challenges that may arise.”
The complete May 2025 revenue report is available for review.
