Virginia Gov. Ralph Northam says the Commonwealth’s latest analysis found that tax revenue is stronger than expected.

The new data means the Commonwealth is revising its budget forecast from December, adding more than $730 million.

Lawmakers will hash out where the extra cash will go, but it is expected that it could go toward raises for teachers and other public workers, relief for businesses and to shore up reserves.

“These revised budget numbers tell us that Virginia’s economy continues to thrive, in spite of the pandemic,” Northam said in a news release. “Before the pandemic, we had passed the most progressive budget in Virginia history.

“These additional dollars help us get back to that historic budget and allow us to move forward with our shared priorities—providing Virginia families and businesses the relief they need to get back on their feet, supporting public schools, and giving our public workers a pay raise.”

January’s monthly revenue report provided additional data on retail sales tax collections for the holiday shopping season as well as individual estimated payments, corporate income tax, and the recordation tax. January tax revenues saw a 6% increase over 2020, much more than the 1.2% prediction.

Northam updated the General Assembly’s appropriations committees Monday morning and will meet with legislators this week for more discussions on shared priorities.