RICHMOND, VA — Governor Abigail Spanberger today announced that April revenues grew 6.9 percent compared to the previous April. On a fiscal year-to-date basis through the first ten months of Fiscal Year 2026, collections have grown 7.3 percent. Growth has been driven by strong individual income tax and strong sales tax receipts, while corporate income taxes have lagged. Compared to the official forecast assumed in the amended budget, revenues are ahead of expectations by 3.3 percent.
“Revenues for Fiscal Year 2026 are ahead of expectations entering the final months of the year, though continued national uncertainty warrants caution,” said Governor Abigail Spanberger. “I am concerned by both the sudden spike in inflation caused by the war in Iran and the job losses Virginia has seen since the start of the fiscal year — particularly in the wake of federal workforce cuts. With these developments putting additional strain on Virginians and contributing to significant uncertainty for the Commonwealth, I will continue to focus on doing everything in my power to provide stability for businesses, families, and investors.”
“April revenues came in well above expectations, though the major cause of this overperformance was a simple timing anomaly in withholding payments,” said Secretary of Finance Mark D. Sickles. “We remain well positioned to close the fiscal year with a strong surplus; however, it is uncertain how long Virginians can continue to absorb rising prices before they are forced to make tough budget choices. Those consumption choices will have serious ramifications for our overall economy and therefore tax revenues in the foreseeable future.”
On a fiscal year-to-date basis, General Fund revenues have grown 7.3 percent and are ahead of forecast by 3.3 percent. The Commonwealth is $851 million ahead of expectations, however nearly 70 percent ($578 million) is from the most volatile revenue lines: nonwithheld income tax and individual refunds.
The full April 2026 revenue report is available here.