State Revenue Reports: New Mexico, Virginia, and Arkansas Post Fiscal Updates

Three U.S. states issued separate fiscal updates in mid-to-late 2026. New Mexico Governor Michelle Lujan Grisham announced a projected $14.8 billion in General Fund revenue for Fiscal Year 2028, with $924 million in new money available for the 2027 legislative session, according to the Office of the Governor. Virginia Governor Abigail Spanberger reported to the legislature's joint money committee that the state's fiscal year 2026 general revenue grew by about $2.1 billion, roughly 7 percent higher than the prior year and nearly $940 million above official projections, according to WJLA and Virginia Mercury. Arkansas concluded Fiscal Year 2026 with a $655 million general revenue surplus, described by the Arkansas Senate as one of the strongest financial performances in state history. In Virginia, officials attributed the revenue growth to financial markets and wage growth, and Spanberger's administration also cited a new energy consumption tax on data centers projected to generate about $600 million in additional revenue, per Virginia Mercury. The state's Secretary of Finance noted Virginia lost nearly 44,000 jobs during the same fiscal year, a detail reported by Virginia Mercury but not corroborated elsewhere. Spanberger urged legislators against assuming the revenue growth would continue, a caution reported by both WJLA and Virginia Mercury. In Arkansas, the Arkansas Legislative Council and its subcommittees met during the interim period to review oversight matters including Medicaid and developmental disabilities services, alongside the surplus announcement. All three states' revenue figures reflect closed or projected fiscal periods rather than final audited results in every case; New Mexico's figures are forward-looking projections for FY2028, while Virginia and Arkansas reported on the just-concluded FY2026. Next legislative steps include New Mexico's 2027 session, where lawmakers will decide how to allocate the projected new revenue, and Virginia's ongoing budget deliberations following the joint money committee briefing. The long-term durability of Virginia's revenue growth, the specific drivers behind Arkansas's surplus, and the full impact of Virginia's reported job losses remain unresolved based on available reporting.