Virginia reached the end of fiscal year 2021 with a $2.6 billion surplus, the largest in the Commonwealth’s history. Total revenue collections rose by nearly 15% over fiscal year 2020, well ahead of the forecast of 2.7% growth.
The Commonwealth will release the final figures for fiscal year 2021 on August 18 at the Joint Money Committee meeting. Under the Virginia Constitution around half of the surplus will be depositied into the Revenue Stabilaztion Fund.