Virginia Fiscal Statistics

StatisNostics/State Financials/Virginia

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20122022

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State Revenue Analysis (Virginia: 2012–2022)

Population: 8,193,422 → 8,590,563 (4.8% change)

Overall Revenue Trends

Total Revenue▲ 92.9%

$40,831,190,000 (2012)→$78,753,278,000 (2022)

Per Capita Revenue▲ 84%

$4,983 (2012)→$9,167 (2022)

Fund Balances▼ 100%

$27,885,128,000 (2012)→$0 (2022)

Revenue Volatility✓ Low

Avg. fluctuation: 7.3%

Major Tax Revenue

Property Tax▲ 59.5%

$34,297,000 (2012)→$54,712,000 (2022)

Sales Tax▲ 103.5%

$3,487,343,000 (2012)→$7,097,323,000 (2022)

Utility Revenue

Growth Analysis

Fastest Growing Revenue Sources

Amusement Tax▲ 45767.9%

$81,000→$37,153,000

Amusement License Tax▲ 39906.5%

$93,000→$37,206,000

Federal Intergovernmental General Support▲ 5252.4%

$21,000→$1,124,000

Declining/Slowest Growing Sources

Death & Gift Tax▼ 90.3%

$298,000→$29,000

Unemployment - Contribution▼ 46.6%

$777,414,000→$415,077,000

Interest Earnings▼ 36.8%

$981,190,000→$620,055,000

Revenue Forecast

Projected Revenue (Next Year)▲ 10.5%

Estimated: $87,059,230,257

Based on 3-year revenue trend

Revenue Composition

2012 Revenue Breakdown

Individual Income Tax25.0%

Federal Intergovernmental Public Welfare11.2%

Total General Sales Taxes8.5%

Hospital Charges7.5%

Federal Intergovernmental Education6.0%

Higher Education Tuition Charges5.8%

Miscellaneous General Revenue Not Elsewhere Classified3.7%

Federal Intergovernmental Highways2.9%

Higher Education Auxiliary Charges2.9%

Interest Earnings2.4%

Motor Fuels Sales Tax2.1%

Corporation Net Income Tax2.1%

Unemployment - Contribution1.9%

Donations From Private Sources1.6%

Liquor Stores Revenue1.5%

All Other Not Elsewhere Classified Charges1.5%

Other Selective Sales Taxes1.4%

Net Lottery Revenue1.4%

Motor Vehicle License1.1%

Federal Intergovernmental Health & Hospitals1.0%

Local Intergovernmental Education1.0%

Insurance Premium Tax1.0%

Federal Intergovernmental Other0.9%

Documentary & Stock Transfer Tax0.8%

Water Transportation & Terminal Charges0.7%

Alcoholic Beverage Sales Tax0.5%

Tobacco Sales Tax0.5%

Occupation & Business License Not Elsewhere Classified0.5%

Public Utilities Tax0.4%

Taxes Not Elsewhere Classified0.3%

Rents0.2%

Federal Intergovernmental Housing & Community Development0.2%

Fines & Forfeits0.2%

Federal Intergovernmental Other Natural Resources0.2%

Local Intergovernmental Health & Hospitals0.1%

Motor Vehicle Operators License0.1%

Corporation License Tax0.1%

Federal Intergovernmental Sewerage0.1%

Property Tax0.1%

Local Intergovernmental Highways0.1%

Housing & Community Development Charges0.1%

Education Other State Charges Not Elsewhere Classified0.1%

Toll Highway Charges0.1%

Hunting & Fishing License0.1%

Parks & Recreation Charges0.1%

Federal Intergovernmental Transit Utilities0.1%

Federal Intergovernmental Employment Security Administration0.0%

Local Intergovernmental Other0.0%

Sale of Property0.0%

Alcoholic Beverage License Tax0.0%

Federal Intergovernmental Water Utilities0.0%

Workers Compensation - Other Contributions0.0%

Other License Tax0.0%

Natural Resources Not Elsewhere Classified Charges0.0%

Severance Tax0.0%

Regular Highway Charges0.0%

Unemployment - Interest Revenue0.0%

Royalties0.0%

Death & Gift Tax0.0%

Amusement License Tax0.0%

Amusement Tax0.0%

Federal Intergovernmental Air Transportation0.0%

Federal Intergovernmental General Support0.0%

2022 Revenue Breakdown

Individual Income Tax25.1%

Federal Intergovernmental Public Welfare17.0%

Total General Sales Taxes9.0%

Hospital Charges6.6%

Miscellaneous General Revenue Not Elsewhere Classified4.5%

Higher Education Tuition Charges4.2%

Federal Intergovernmental Health & Hospitals4.0%

Federal Intergovernmental Education3.7%

Other Selective Sales Taxes3.1%

Corporation Net Income Tax2.5%

Motor Fuels Sales Tax2.0%

Higher Education Auxiliary Charges1.9%

Federal Intergovernmental Highways1.6%

Liquor Stores Revenue1.5%

Net Lottery Revenue1.2%

Water Transportation & Terminal Charges1.1%

Donations From Private Sources1.1%

Documentary & Stock Transfer Tax1.1%

Insurance Premium Tax0.9%

Local Intergovernmental Highways0.9%

Interest Earnings0.8%

Public Utilities Tax0.6%

Motor Vehicle License0.6%

Local Intergovernmental Education0.6%

All Other Not Elsewhere Classified Charges0.5%

Unemployment - Contribution0.5%

Federal Intergovernmental Other0.4%

Occupation & Business License Not Elsewhere Classified0.4%

Tobacco Sales Tax0.4%

Alcoholic Beverage Sales Tax0.3%

Fines & Forfeits0.3%

Rents0.2%

Taxes Not Elsewhere Classified0.1%

Federal Intergovernmental Housing & Community Development0.1%

Motor Vehicle Operators License0.1%

Corporation License Tax0.1%

Local Intergovernmental Health & Hospitals0.1%

Federal Intergovernmental Sewerage0.1%

Other License Tax0.1%

Housing & Community Development Charges0.1%

Toll Highway Charges0.1%

Property Tax0.1%

Federal Intergovernmental Other Natural Resources0.1%

Parks & Recreation Charges0.1%

Local Intergovernmental Other0.1%

Amusement License Tax0.0%

Amusement Tax0.0%

Education Other State Charges Not Elsewhere Classified0.0%

Regular Highway Charges0.0%

Federal Intergovernmental Employment Security Administration0.0%

Hunting & Fishing License0.0%

Alcoholic Beverage License Tax0.0%

Unemployment - Interest Revenue0.0%

Natural Resources Not Elsewhere Classified Charges0.0%

Sale of Property0.0%

Severance Tax0.0%

Parimutuels Tax0.0%

Federal Intergovernmental General Support0.0%

Federal Intergovernmental Air Transportation0.0%

Public Utility License Tax0.0%

Royalties0.0%

Air Transportation Charges0.0%

Death & Gift Tax0.0%

Solid Waste Charges0.0%

Key Insights

1Total revenue increased by 92.9% from 2012 to 2022, representing a significant change in the state's financial position.
2Population changed by 4.8%, while per-capita revenue changed by 84.0%.
3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.

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State Expense Analysis (Virginia: 2012 - 2022)

Total Expenditure Trends

Operating Expenditures▲ 177%

$17,047,716,000→$47,149,400,000

Per Capita Spending▲ 164%

$2,081→$5,489

Population Trends

Population Change▲ 4.8%

8,193,422 (2012)→8,590,563 (2022)

⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 89%

$292,741,000 (2012)→$552,473,000 (2022)

Fire Protection▼ 0%

$0 (2012)→$0 (2022)

Infrastructure Expenses

Highways Maintenance▲ 26%

$1,497,698,000 (2012)→$1,891,284,000 (2022)

Sewerage Operations▼ 95%

$28,272,000 (2012)→$1,431,000 (2022)

Administrative Expenses

Financial Administration▲ 158%

$459,709,000 (2012)→$1,186,236,000 (2022)

General Expenses▲ 8%

$693,182,000 (2012)→$748,043,000 (2022)

Virginia Key Insights

1Per capita expenditures grew by 164%, indicating substantial service expansion or cost increases not explained by population growth alone
2Financial Administration was the fastest growing major expense category at 158% increase

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State Debt Analysis (2012-2022)

Debt Trends

Total Long-Term Debt▲ 56%

$20,921,461,000 (2012)→$32,545,372,000 (2022)

Industrial Revenue Debt▼ 100%

$6,694,271,000 (2012)→$0 (2022)

Per Capita Debt▲ 48%

$2,553 (2012)→$3,789 (2022)

Population Trends

Population Change▲ 4.8%

8,193,422 (2012)→8,590,563 (2022)

Debt Management

Most Recent Year (2022)

Issued:$2,885,564,000

Retired:$1,702,273,000

Net Change:+$1,183,291,000

Debt Retirement Trend

$2,465,619,000 → $1,702,273,000▼ 31%

Key Insights

1The sharp increase in unspecified long-term debt suggests major capital projects or financial restructuring.
2New debt issuance significantly increased the per-resident debt burden (up 48%).