RICHMOND, VA (CVILLE RIGHT NOW) – Virginia’s total general fund revenues increased 4.1 percent for the month of October and 8.6 percent for the first four months of the prior year compared to the same periods last year. For Fiscal Year 2025, year-to-date revenues exceed budgeted projections by $403.3 million. October collections consist mainly of payroll withholding and sales tax collections and is generally not a significant month for other sources such as corporate income, nonwithholding taxes and refunds.

“The Commonwealth continues to be ahead of plan driven by strong labor participation and low unemployment, despite slowing growth in the labor market,” said Governor Glenn Youngkin. “Virginia is financially strong and growing and we remain focused on our pro-business, pro-growth agenda.”

“Virginia’s economy continues to be strong through the first four months of Fiscal Year 2025,” said Secretary of Finance Stephen Cummings. “Revenue collections remain well above forecast, and strong individual income revenue sources supported by continued job and wage growth provide a solid base for continued revenue growth.”

The full October 2024 revenue report is available here.