Governor Spanberger Directs State Finance Officials to Update Revenue Forecast to Support Budget Negotiations

RICHMOND, VA - Governor Abigail Spanberger today directed state finance officials to conduct an updated revenue forecast to support negotiations on the Commonwealth's next biennial budget. Consistent with standard forecasting practice, the revised forecast will include updated projections through Fiscal Year 2031.

"When making long-term budget commitments, it is important that policymakers have the most current and accurate information available," said Governor Abigail Spanberger. "This updated forecast will help provide budget conferees and the public with greater confidence as negotiations continue on the Commonwealth's next two-year budget."

"While General Fund revenues remain ahead of forecast fiscal year-to-date, changing economic conditions and increased uncertainty in the national outlook warrant a fresh review of the Commonwealth's revenue assumptions," said Secretary of Finance Mark D. Sickles. "The revised forecast will take into account current revenue performance while reassessing future growth expectations in light of evolving economic conditions. Having the most current revenue outlook available will enable policymakers make informed budget decisions and maintain the Commonwealth's commitment to long-term structural balance."

# # #