Governor Glenn Youngkin announced that April revenue collections exceeded forecasts, growing 45.7 percent over April of 2021. General fund revenues were approximately $1.9 billion higher year-to-date than the mid-session revised forecast issued in February. Total revenue collections have risen 19.0 percent through April, well ahead of the revised annual forecast of 9.2 percent growth.
In percentage terms,
payroll withholding and sales tax collections grew 4.8 percent and 8.4 percent
in April, respectively. Fiscal year-to-date, withholding revenues are up 9.5
percent, ahead of the full-year forecast growth rate of 9.0 percent, and sales
tax collections are up 14.4 percent, ahead of the annual 11.4 percent forecast.
Continued revenue growth is supported by a steady economy as well as recent improved job growth. From January to March, the number of employed Virginians increased by 42,000, ranking Virginia 14th among the states for employment growth during that time.
The full April 2022 revenue report is available here.
