RICHMOND, Va. (AP) — Virginia ended the 2022 fiscal year with a $3.2 billion cash surplus, a sign of both a healthy economy and some overtaxation, GOP Gov. Glenn Youngkin said Friday as he presented lawmakers with a review of the state’s finances.
In an interview and in remarks to the General Assembly’s money committees, the governor celebrated the state’s financial position and reiterated calls for additional tax cuts beyond the approximately $4 billion he signed into law earlier this year. Youngkin announced he planned to propose setting nearly $400 million of the surplus aside as a starting point for tax relief in the next budget cycle.