Virginia Reports $2.1 Billion Revenue Increase for Fiscal Year 2026, Governor Urges Caution

Virginia Gov. Abigail Spanberger addressed the state legislature's joint money committee on August 19, 2026, reporting that the state's general revenue fund grew by approximately $2.1 billion in fiscal year 2026, an increase of nearly 7 percent over the previous year and about $940 million more than officials had projected. Spanberger attributed the growth largely to financial markets and wage growth, and cautioned lawmakers against assuming similarly strong revenue growth would continue into future years. During the same address, a new energy consumption tax on data centers was cited as a factor projected to add roughly $600 million to state coffers. Virginia's Secretary of Finance also noted that the state lost nearly 44,000 jobs during the same fiscal year, a detail reported alongside the revenue figures. Separately, the Governor's Office released a statement the same day framing Virginia's governance approach as focused on affordability and long-term economic strength, contrasting it with unspecified turmoil in federal governance. The reports do not specify what actions, if any, the joint money committee or legislature took in response to the revenue figures, nor do they detail how the job losses relate to the overall revenue growth. It remains unresolved whether the data center tax revenue is included within the $2.1 billion total or represents a separate, additional projection. No specific policy proposals or budget allocations tied to the surplus were detailed in the available reporting.