State revenues Ahead Of Forecast

Governor Glenn Younkin has announced that general fund revenues are ahead of the forecast by 948 million dollars year to date. Most of the increase above the forecast is the result of differences in the timing of events anticipated in the forecast. Absent those timing differences, revenues are modestly ahead of the forecast, providing an added buffer to prepare the Commonwealth for any recession that may occur in fiscal year 2024. With just one month remaining in the fiscal year, revenue collections are essentially flat when adjusted for policy actions and timing issues and are down 3.4% year to date on an unadjusted basis.