Richmond, VA – According to the state officials, in January, Virginia experienced a 2.5 percent decline in comparison to the same period last year, despite an extra collection day relative to the prior year.
Year-to-date general fund revenues are up a moderate 5.3 percent through the first seven months of Fiscal Year 2024.
The slight decline was driven largely by a dip in non-withholding collections and lower-than-expected individual income tax refunds related to the elective Pass-Through Entity Tax, while other major revenue sources were generally in line with expectations.
Governor Glenn Youngkin
“The Commonwealth’s January revenues show that our conservative forecast remains prudent as conflicting economic signals continue to cloud definitive conclusions in the fiscal year.
Virginia’s labor market remains tight and we continue to monitor withholding and non-withholding patterns as we start a new calendar year.
This month’s report confirms we budgeted appropriately when releasing our Unleashing Opportunity budget in December and as the budget process moves forward in the General Assembly this weekend we can all be confident the topline forecast remains prudent.”
