Virginia's budget is a complex and dynamic process that undergoes significant changes before its adoption. The state's operating budget for the current biennium, which began in fiscal 2024 and will end in fiscal 2026, totals just under $200 billion (Daily Press, 2025). Governor Glenn Youngkin recently presented his final budget proposal before leaving office, which includes substantial increases in spending for Medicaid and K-12 re-benchmarking, as well as some tax relief measures.
The budget process in Virginia is a collaborative effort between the governor, lawmakers, and various stakeholders. The governor proposes a budget in December, which is then reviewed and amended by the House and Senate money committees (Daily Press, 2025). According to Megan Davis, a senior policy analyst at the Commonwealth Institute, a left-leaning economic think tank, "Lawmakers have a lot of control over general funds and where those go" (Daily Press, 2025). The budget is divided into two categories: general funds and non-general funds. Non-general funds, which account for nearly two-thirds of the budget, are earmarked for specific purposes, such as student tuition for higher education.
The budget process allows for significant input from various stakeholders, including agencies and organizations seeking funds.
Gov. Glenn Youngkin kicked it off this month when he presented the last proposal of his term before the legislature's money committees.Related perspectives: Visit website
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