Report: Virginia government ends year with near-billion-dollar surplus

Virginia state government ended the 2025-2026 fiscal year with a $936.3 million budget surplus, per a release from the office of Gov. Abigail Spanberger on Tuesday.

A little more than half of the budget year came on the watch of Glenn Youngkin, of course; Spanberger took the reins on Jan. 17.

The big driver: tax revenue growth, which was up by more than $2 billion year to year.

Victory lap quote from Spanberger follows:

The Commonwealth has made clear our continued commitment to sound budgeting. I am proud of our bipartisan work to produce a balanced budget that delivers on shared priorities. Virginia’s adopted budget makes critical investments in education, healthcare, and public safety while setting aside revenue to protect our Commonwealth from the uncertainty coming out of Washington. I look forward to continuing to partner with the General Assembly to provide stability for businesses, families, and communities across Virginia.