Budget Cycle

Governor Submits Budget
Fiscal Year Begins
July 1 

Governor Signs Budget 

Proposed Supplemental Budget - Fiscal Year 2024

In June 2022, Virginia enacted a two-year budget covering fiscal 2023 and 2024. On December 15, 2022, Governor Glenn Youngkin introduced his amendments to the biennial budget. As amended, the governor proposed a total operating budget of $83.4 billion in fiscal 2023 and $84.1 billion in fiscal 2024, while general fund spending totals $29.9 billion in fiscal 2023 and $30.5 billion in fiscal 2024. As part of the December forecast, the general fund was revised up by $1.5 billion in fiscal 2023 and down by $361.8 million in fiscal 2024 compared to the original biennial budget, following economic outlook adjustments and policy adjustments. Total general fund revenues are forecast at $26.4 billion in fiscal 2023 and $26.9 billion in fiscal 2024; the forecast also projects excess resources of $3.6 billion for fiscal 2023 prior to enactment of the proposed amendments. Combined reserve balances are projected to total $4.2 billion by fiscal 2024. The budget amendments include $645.8 million in fiscal 2023 and $2.2 billion in fiscal 2024 in general fund operating appropriation changes; the proposal also includes an additional $1 billion in tax relief, on top of the nearly $4 billion passed in the original budget. Additionally, the budget amendments include contingencies in case a recession is deeper than anticipated and provide that both spending and tax reductions can be changed if fiscal 2023 revenues are below forecast.

Proposed Budget Highlights 

The governor’s budget amendments for fiscal 2024 are focused on accelerating results for Virginians and provide record funding for behavioral health, law enforcement, education, economic development and conservation efforts, while also cutting taxes.

K-12 Education

  • $45.2 million to provide a retention bonus for instructional and support positions.
  • $50.0 million to support performance pay for top performing teachers.
  • $16.9 million to expand the reading specialist staffing standard to 4th and 5th grades.
  • $10.0 million to support teacher recruitment incentives for hard-to-fill positions and hard-to-staff schools.
  • $7.2 million to support math specialists for grades kindergarten through eight.


Economic Development and Workforce

  • $250.0 million to invest in site development.
  • $10.0 million to establish and capitalize the Virginia Power Innovation Fund.
  • $24.5 million to increase support for the Go Virginia Talent Pathways and $10.0 million to provide additional workforce funding.
  • $15.0 million to increase the availability of industry recognized credentials to high school students.
  • $30.0 million to establish the Earn to Learn Nursing Education Acceleration grant program to expand training settings for nurses.


Behavioral Health

  • $58.3 million to increase funding for the comprehensive crisis services system.
  • $20.0 million to pursue hospital-based psychiatric emergency alternatives.
  • $20.0 million in one-time funds for mobile crisis units.
  • $15.0 million to expand the school-based mental health pilot and $9.0 million to support student mental health services.
  • $8.0 million to expand housing opportunities for individuals with serious mental illness.


Public Safety

  • Funds the Operation Bold Blue Line Initiative, including $30.0 million to recruit 2,000 new law enforcement officers and additional funding for prosecutors.
  • $20.0 million in one-time funding to provide additional appropriations for violence intervention grants.
  • $13.9 million for a compression adjustment for sworn deputy sheriffs and regional jail officers.
  • $10.0 million to establish the Virginia Mass Violence Care Fund.
  • $8.3 million for salary increases for security positions not included in the original biennial budget.


Conservation & Resiliency

  • $100.0 million in additional funding in the Resilient Virginia Revolving Loan Fund for flooding prevention projects statewide and to secure the commonwealth’s coast lines.
  • $107.1 million in additional funding for the Enhanced Nutrient Removal Certainty Program.
  • $50.0 million in supplemental funding to support agriculture best management practices.


Health and Welfare

  • $41.6 million to increase rates for personal care, respite, and companion services.
  • $15.2 million to add 500 developmental disability waiver slots.
  • $10.0 million to support local housing inspection programs.
  • $8.3 million to implement child protective services audit recommendations.
  • $2.3 million to fund foster care and adoption cost of living adjustments.


State Employees

  • $100.0 million for merit bonus payments of up to 10 percent of an employee’s salary for state employees, distributed to top performing employees.
  • $99.8 million for a $1,500 bonus payment for full-time state employees.
  • $15.0 million in additional funding for transformation initiatives identified by the Chief Transformation Officer.