Virginia general fund finishes with nearly $2 billion surplus for FY 2022

RICHMOND, Va. (WWBT) - Governor Glenn Youngkin said that Virginia finished Fiscal Year 2022 with a $1.94 billion general fund revenue surplus.

Based on preliminary data, total revenue collections rose 16.3 percent.

“While I am pleased that our additional revenue can be reinvested in Virginia, the Commonwealth’s general fund revenue surplus confirms that Virginians have been overtaxed for way too long,” said Youngkin. “As inflation hits another 40-year high, I’m proud that our budget provides almost $4 billion in tax relief to Virginians, the largest tax relief in the Commonwealth’s history. We have a lot of work left to do to recover from the pandemic, but Virginia’s economy is demonstrating promising economic and company growth with major companies such as Boeing, Raytheon, and LEGO moving their headquarters to Virginia.”

The state’s labor market produced 79,818 jobs since January, driving growth in payroll withholding.

“While the Commonwealth underperformed the nation in jobs recovered since the pandemic, ranking 47th overall, momentum is building and Virginia is now ranked 15th among the states in employment growth for the first four months of 2022,” a release said.

To read the full release, click here.

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