Governor Abigail Spanberger Announces General Fund Revenues Grew 6.5 Percent Year-Over-Year Through May

RICHMOND, VA - Governor Abigail Spanberger today announced that May revenues were nearly unchanged compared to the previous May, declining 0.1 percent. On a fiscal year-to-date basis, through the first eleven months of Fiscal Year 2026, collections have grown 6.5 percent. Growth has been driven by strong individual income tax and strong sales tax receipts. Compared to the official forecast assumed in the amended budget, revenues are ahead of expectations by 2.9 percent.

"General Fund revenues are in a strong position to end the year with a substantial surplus," said Governor Abigail Spanberger. "With rising inflation nationally and broader federal uncertainties, we must continue to exercise discretion as we plan for the future. That is why I directed an updated revenue forecast so we can be sure that we are delivering a budget that makes our Commonwealth more affordable for families, strengthens our business climate, and encourages continued investment in Virginia."

"May was a relatively uneventful month when it comes to revenues. We saw very little change with regard to our financial position," said Secretary of Finance Mark D. Sickles. "However, broader macroeconomic data continue to raise concerns. Households are clearly feeling the strain of the current inflationary environment, and many are having to draw down their savings to maintain their purchasing power. That is not a sustainable situation."

On a fiscal year-to-date basis, General Fund revenues have grown 6.5 percent and are ahead of forecast by 2.9 percent. The Commonwealth is $837 million ahead of expectations.

The full May 2026 revenue report is available here.

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