Virginia Gov. Glenn Youngkin at the General Assembly Building in Richmond. (Nathaniel Cline/VIrginia Mercury)
Virginia’s general revenue surplus reached $1.2 billion in fiscal year 2024, Gov. Glenn Youngkin announced to lawmakers in Richmond on Wednesday.
Youngkin said the impact results from job growth, economic development wins, regulatory streamlining, crime reduction, and “amazing” progress in education backed up by a legislative “game plan” that he said works. Last month, Virginia was named the country’s best state to do business by CNBC.
“Going forward, we must continue to compete,” Youngkin said. “At the core, we have resisted the false narrative of ‘either-or,’ and we have embraced ‘both-and.’ Importantly, our success has not just enabled both tax relief and record investment in critical areas, our success is the result of, driven by, fueled by both tax relief and record investments.”
The revenues will support accelerated improvements on the Interstate 81 Corridor, reduce pollutant discharge in Virginia’s rivers, and fund the Virginia Military Survivors & Dependents Education Program (VMSDEP).