Virginia

Abstract

FY2022 ended with a surplus of $1.94 billion in spite of Virginia’s real gross domestic product decreasing by 1.7% to a rate of 4.3%. The General Assembly convened on June 22, 2022, for a special session to update the budget and reallocate funds due to increased state tax revenue and federal funds. The biennial budget increased by almost $9.5 billion, and with an acute teacher shortage, salaries for P–12 and higher education were a priority, and an overall 10% raise for educators was provided over a 2-year period.