RICHMOND, Va. — Governor Glenn Youngkin announced that Virginia ended the fiscal year 2022 with a $1.94 billion general fund revenue surplus.
According to preliminary data, on a fiscal year-to-date basis, total revenue collections rose 16.3%.
Youngkin said this surplus confirms that Virginians have been overtaxed.
“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 Governor Glenn 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.”
According to the Secretary of Finance Stephen Cummings, the state's payroll withholding and retail sales taxes increased by 9.5%, which he said indicates that Virginia’s underlying economic foundation is strong.
Virginia’s labor market has produced 79,818 jobs since January. There were 124,878 more Virginians employed in May 2022 than there were in May 2021, an increase of 3.5% year-over-year.
Youngkin said although recent trends are encouraging, Virginia has yet to recover more than 133,000 jobs that were lost during the pandemic (now at 96.9% of pre-pandemic levels). Virginia is now ranked 15th among the states in employment growth for the first four months of 2022.
A complete accounting of all final revenue sources will be available after the final year-end close and will be released on Aug. 19.