Fiscal Year 2024 in Virginia is now behind us and the numbers are beginning to come in for how the Commonwealth’s budget will end up when the books are closed. Governor Glenn Youngkin announced this morning that revenues are $1.2 billion over the revenue forecast.
“For the full fiscal year, overall general fund revenue collections grew 5.5 percent, well above the 1.3 percent increase assumed in the official forecast,” reads a press release sent out this morning.
The release notes that the additional funding covers the additional amount added to the Virginia Military Survivors and Dependents Education Program (VMSDEP) recently agreed upon in a special session of the General Assembly.
“Record revenues underpinned by Virginia’s strong job growth continue to show there is plenty of money in the system to make critical investments while cutting taxes to bring down the cost of living for hardworking Virginians,” Youngkin is quoted in the release.
The actual numbers were not made available in the release but will be fully revealed at the August 14 meeting of the Joint Money Committee at the General Assembly. That will be livestreamed beginning at 10 a.m.
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