Today, Virginia Governor Glenn Youngkin announced the General Fund revenue collections for January 2023. For January, which is typically a significant month for collections, adjusted general fund revenues increased by 3.0 percent compared to January 2022. On an unadjusted basis, general fund revenues increased by 2.1 percent year-to-date.
Year-to-date collections are running ahead of the January updated projections by $78.7 million overall. Among major sources, growth in withholding collections are slowing, but the slowdown is largely anticipated in the forecast. Upcoming February collections will provide initial insight into individual refunds for the filing season.
The full January 2023 revenue report is available here.
