Governor Glenn Youngkin Announces August General Fund Revenues Remain Slightly Ahead of Forecast

RICHMOND, VA – Governor Glenn Youngkin on Sep 17th, announced that despite having one fewer deposit day than in August of last year, total general fund revenues increased 2.0 percent for the month versus the same period last year and are 8.0 percent ahead of the first two months of the prior year. Compared to the Fiscal Year 2025 forecast in the current budget, revenues exceeded projections by $114.0 million in the month of August and are ahead of year-to-date projections by $205.7 million.  

“The Commonwealth continues to be in a very strong financial position. Despite August not traditionally being a significant month, this report shows consistent revenue in state government led by the record number of Virginians working,” said Governor Glenn Youngkin. “As we continue to monitor national financial data, including potential actions by the Federal Reserve this week in response to the slowing national job growth and other economic challenges, our focus remains on expanding opportunity in the Commonwealth for all Virginians.” 

“The ongoing strength of the Virginia economy indicated by a strong labor market, strong consumer spending and better than forecasted nonwithholding collections support a positive near-term outlook for revenues,”?said Secretary of Finance Stephen Cummings.?“Although inflation appears to be moderating, the U.S. job market continues to slow. For the first two months of the fiscal year, collections remain ahead of revenue projections, however it is too early to draw conclusions about full-year revenue collections. With initial FY 2025 estimated payments from individuals, corporations and insurance companies due in September, the next two months will provide a better indication of Fiscal Year 2025 revenue trends. We will continue our prudent and deliberative forecasting process over the next several months as we begin the process of developing the forecast for the Governor’s introduced budget in December.”  

The full August 2024 revenue report is available here.