VA Coffers Bursting At End Of Fiscal 2018

Governor Ralph Northam announced today that Commonwealth of Virginia reached the end of fiscal year 2018 with a revenue surplus of approximately $551.9 million. Total revenue collections rose by 6.3 percent in fiscal year 2018, ahead of the revenue forecast of 3.4 percent growth. The main drivers of the revenue increase were growth in payroll withholding and nonwithholding income tax collections. Northam said, “I am happy to announce that preliminary figures indicate that the state concluded fiscal year 2018 with an approximately $551.9 million surplus in general fund revenue collections. This significant surplus will substantially increase the Commonwealth’s cash reserves in order to protect taxpayers against a future economic downturn and further affirm our valuable AAA bond rating.