State officials say Virginia ended the 2022 fiscal year with a $3.2 billion cash surplus. According to GOP Gov. Glenn Youngkin, that's a sign of both a healthy economy and some overtaxation.
Youngkin met Friday with lawmakers to present an overview of the state's financial position.
He says he will propose setting nearly $400 million of the surplus aside as a starting point for tax relief in the next budget cycle. That would be on top of about $4 billion in tax cuts contained in the budget he signed into law earlier this year.
Youngkin also says he thinks Virginia is well-positioned to weather any potential economic downturn.
This report, provided by Virginia Public Radio, was made possible with support from the Virginia Education Association.
