Virginia Ends Fiscal Year 2021 with $2.6 Billion Revenue Surplus

Virginia ended Fiscal Year 2021 with a $2.6 billion surplus, the largest in Virginia’s history, with a 14.5 percent revenue growth over FY 2020.

“We have effectively managed Virginia’s finances through the pandemic, and now we are seeing the results—record-breaking revenue gains, a recovery that has outpaced the nation, and recognition as the best place to do business,” Governor Ralph Northam said in a press release.

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Northam Announcements: Record May Revenue Increase, New Secretary of Finance, and Return to Earn Grant Program

Virginia saw a 66.2 percent General Fund revenue increase in May according to a Friday announcement from Governor Ralph Northam. He also announced the appointment of Joe Flores as the new Secretary of Finance, and a Return to Earn Grant program to help provide bonuses to new hires at small businesses.

“Virginia’s economy is roaring back to life thanks to hard work following the science and one of the strongest pandemic responses in the country,” Northam said in a press release.

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