Virginia finance secretary says April revenues outperformed forecast; administration monitoring federal job exposure

Steve Cummings, Virginia’s secretary of finance, told the Senate Finance and Appropriations Committee at a meeting hosted at Northern Virginia Community College that April revenues were stronger than expected and that the administration is closely monitoring potential revenue impacts from federal job reductions and changes to federal grants.

Cummings said year‑to‑date general fund revenues through April were about $1.49 billion, or 6.3%, ahead of last year and $211 million (0.8%) ahead of the official forecast. He reported April alone came in $322 million above April 2024 and exceeded the monthly forecast by $126 million. The presentation listed a projected FY2025 revenue surplus of $2.1 billion relative to the budget adopted after the 2024 special session.

The secretary attributed part of April’s strength to unusually large nonwithholding payments tied to final and estimated payments: nonwithholding rose 22% in April and was about $389 million for the month. Payroll withholding, the largest single…