March General Fund Revenues Exceed Forecasts

Virginia’s March revenue collections exceeded forecasts by more than 22%. According to Gov. Glenn Youngkin’s office general fund revenues were approximately $870 million higher year-to-date than the mid-session revised forecast issued in January. Total revenue collections have risen 14.5% through March, well ahead of the revised annual forecast of 9.2% growth. Continued strength in payroll withholding. retail sales tax and strong growth in the leading edge of individual final payments drove the gains.