Another Large State Revenue Surplus Announced
Preliminary figures indicate that Virginia, once again, has completed the most recent fiscal year with a large revenue surplus. Governor Glenn Youngkin announced in July that preliminary estimates show that state revenues for the recently completed FY23 were nearly $1.5 million higher than forecasted last December (when an additional $3.6 billion also was projected to be available for appropriation by the end of June.) Key to the revenue increases were higher sales tax collection than expected (3.9% growth compared to a predicted 1.3% decline), payroll withholding growth of 4% and…