Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Virginia revenues beat May forecasts; secretary warns of federal job risks
Summary
Secretary of Finance Steve Cummings told the Senate Finance Committee May collections exceeded expectations, leaving the Commonwealth ahead of the 2025 enacted forecast, but he and senators cautioned that federal workforce cuts and contractor departures remain risks to future receipts.
Secretary of Finance Steve Cummings told the Senate Finance Committee on June 4 that May revenue collections came in “strong, well above expectations,” leaving Virginia on track to exceed the 2025 forecast as enacted in Chapter 7 (2025).
Cummings said year-to-date revenues were up about $1.6 billion (5.9%) over last year and roughly $488 million (about 1.8%) ahead of the enacted forecast. For May specifically, collections exceeded last May by $86 million (3%) and beat the month’s forecast by $277 million (10.3%). “Payroll withholding, our largest source of revenues, is up 5.3% year to date,” he said, and overall the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
