Key Metrics
14.36
Heat Index-
Impact LevelMedium
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Scope LevelNational
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Last Update2025-08-24
Key Impacts
Positive Impacts (6)
Event Overview
Unexpected state revenue surpluses signal shifts in fiscal management, economic activity, or tax policy performance. Such outcomes can influence budgetary planning, resource allocation, and potential policy changes in public finance. The occurrence prompts reevaluation of growth assumptions, highlights forecasting challenges, and may trigger political responses regarding government spending or tax strategies. Public sector stakeholders, including officials and constituents, monitor these trends for broader economic and administrative implications.
Collect Records
Virginia's Fiscal Year 2025 General Fund Revenues Exceed Forecasts by $572 Million
Governor Glenn Youngkin announced that Virginia's Fiscal Year 2025 general fund revenues exceeded the official forecast by $572 million, based on preliminary accounting completed on July 25. Total general fund revenues rose by $1.78 billion, or 6.1%, compared to the prior fiscal year. June revenues, the final month of the fiscal year, exceeded projections by $83.7 million, a 2.7% increase, with year-over-year revenue for June growing by $212.6 million, or 7.2%. Secretary of Finance Stephen Cummings stated that general fund collections ended $572 million above the Chapter 725 forecast and nearly $1.8 billion above FY24 totals. Combined with $900.5 million in unappropriated balances from actions taken in May, Virginia enters the FY26 budget development process with nearly $1.5 billion in cash reserves.