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Revenue forecast update: Virginia expects additional $730.2M

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A mid-session revenue analysis sent to the General Assembly on Monday shows Virginia’s tax revenues continue to strengthen.

Total revenues and transfers for fiscal year 2021 will be revised upwards by an additional $410.1 million. Fiscal year 2022 total revenues and transfers will be revised upward by an additional $320.1 million.

In total, the Commonwealth expects an additional $730.2 million over the forecast from December.

“These revised budget numbers tell us that Virginia’s economy continues to thrive, in spite of the pandemic,” Gov. Ralph Northam said. “Before the pandemic, we had passed the most progressive budget in Virginia history. These additional dollars help us get back to that historic budget and allow us to move forward with our shared priorities—providing Virginia families and businesses the relief they need to get back on their feet, supporting public schools, and giving our public workers a pay raise.”

The revenue analysis was completed after the Commonwealth’s books closed on Feb. 8. January’s monthly revenue report provided additional data on retail sales tax collections for the holiday shopping season as well as individual estimated payments, corporate income tax, and the recordation tax.

Northam provided these additional revenue numbers at a meeting with the Money Committee chairs Monday morning. He will meet with budget conferees later this week for further discussions on shared priorities.

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