May General Fund Revenues Exceed Forecasts

Virginia’s May revenue collections exceeded forecasts once again. According to Gov. Glenn Youngkin’s office total revenue collections have risen nearly 18% through May, well ahead of the revised annual forecast of 9.2% growth. Payroll withholding jumped by nearly 13% mostly due to more residents finding a job. There were 113,000 more Virginians employed in April 2022 than there were in April 2021, an increase of 2.7% year-over-year.