RICHMOND, Va. — Virginia’s general fund revenues rose more than 5 percent through the first quarter of Fiscal Year 2026, outpacing official forecasts and signaling what state officials describe as a strong start to the fiscal year. Governor Glenn Youngkin announced Monday that general fund revenues increased 5.1 percent, or about $374 million, compared to the same period last year. September collections alone grew 2.7 percent, or roughly $88 million, over September 2024.
Revenues have exceeded official projections by 9.8 percent for the month and 7.9 percent year-to-date, according to the state’s financial report. That puts overall collections about $561 million ahead of forecast through the first three months. Youngkin said the growth reflects job expansion and record capital investment in Virginia. “Three months into this fiscal year, Virginia is in an incredibly strong financial position,” he said. “The financial strength of the Commonwealth underpins our ability to invest in key priorities like education, health care, and law enforcement, while lowering costs for families and providing Virginians with historic tax relief.”
The governor also cited more than $140 billion in new or expanded business investments since January 2022 and more than 220,000 available job openings statewide, in addition to the 277,000 jobs created during his administration. Secretary of Finance Stephen E. Cummings said revenue growth continues to outperform expectations, driven largely by withholding and sales tax collections. “The Commonwealth is well-positioned to withstand any short-term revenue risks as we begin the budget development process,” Cummings said.
Photo: governor.virginia.gov