Virginia Fiscal Statistics

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20122021
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State Revenue Analysis (Virginia: 20122021)

Population: 8,193,422 8,535,519 (4.2% change)

Overall Revenue Trends

Total Revenue 80.5%
$40,831,190,000 (2012)$73,703,047,000 (2021)
Per Capita Revenue 73.3%
$4,983 (2012)$8,635 (2021)
Fund Balances 82.2%
$27,885,128,000 (2012)$50,798,311,000 (2021)
Revenue Volatility✓ Low
Avg. fluctuation: 7.3%

Major Tax Revenue

Property Tax 26.3%
$34,297,000 (2012)$43,332,000 (2021)
Sales Tax 87.2%
$3,487,343,000 (2012)$6,527,477,000 (2021)

Utility Revenue

Growth Analysis

Fastest Growing Revenue Sources

Amusement Tax6760.5%
$81,000$5,557,000
Federal Intergovernmental General Support5395.2%
$21,000$1,154,000
Local Intergovernmental Highways2977.7%
$30,871,000$950,120,000

Declining/Slowest Growing Sources

Unemployment - Contribution 45.9%
$777,414,000$420,635,000
All Other Not Elsewhere Classified Charges 33.0%
$598,190,000$400,905,000
Federal Intergovernmental Other Natural Resources 20.0%
$70,165,000$56,143,000

Revenue Forecast

Projected Revenue (Next Year) 13.1%
Estimated: $83,349,242,606
Based on 3-year revenue trend

Revenue Composition

2012 Revenue Sources

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%

2021 Revenue Sources

Individual Income Tax23.2%
Federal Intergovernmental Public Welfare15.6%
Federal Intergovernmental Health & Hospitals9.7%
Total General Sales Taxes8.9%
Hospital Charges6.0%
Higher Education Tuition Charges4.4%
Miscellaneous General Revenue Not Elsewhere Classified3.6%
Federal Intergovernmental Education3.3%
Other Selective Sales Taxes2.9%
Corporation Net Income Tax2.1%
Motor Fuels Sales Tax1.9%
Higher Education Auxiliary Charges1.6%
Liquor Stores Revenue1.5%
Federal Intergovernmental Highways1.3%
Local Intergovernmental Highways1.3%
Net Lottery Revenue1.2%
Interest Earnings1.1%
Documentary & Stock Transfer Tax1.1%
Donations From Private Sources1.1%
Water Transportation & Terminal Charges0.8%
Insurance Premium Tax0.7%
Motor Vehicle License0.7%
Public Utilities Tax0.7%
Local Intergovernmental Education0.6%
Unemployment - Contribution0.6%
All Other Not Elsewhere Classified Charges0.5%
Federal Intergovernmental Other0.5%
Alcoholic Beverage Sales Tax0.4%
Tobacco Sales Tax0.4%
Fines & Forfeits0.3%
Occupation & Business License Not Elsewhere Classified0.3%
Rents0.2%
Taxes Not Elsewhere Classified0.2%
Federal Intergovernmental Housing & Community Development0.1%
Motor Vehicle Operators License0.1%
Corporation License Tax0.1%
Local Intergovernmental Health & Hospitals0.1%
Other License Tax0.1%
Housing & Community Development Charges0.1%
Federal Intergovernmental Other Natural Resources0.1%
Regular Highway Charges0.1%
Toll Highway Charges0.1%
Property Tax0.1%
Education Other State Charges Not Elsewhere Classified0.1%
Parks & Recreation Charges0.0%
Federal Intergovernmental Sewerage0.0%
Local Intergovernmental Transit Utilities0.0%
Hunting & Fishing License0.0%
Federal Intergovernmental Transit Utilities0.0%
Federal Intergovernmental Employment Security Administration0.0%
Alcoholic Beverage License Tax0.0%
Local Intergovernmental Other0.0%
Natural Resources Not Elsewhere Classified Charges0.0%
Federal Intergovernmental Water Utilities0.0%
Sale of Property0.0%
Amusement Tax0.0%
Severance Tax0.0%
Unemployment - Interest Revenue0.0%
Federal Intergovernmental General Support0.0%
Public Utility License Tax0.0%
Royalties0.0%
Federal Intergovernmental Air Transportation0.0%
Amusement License Tax0.0%
Air Transportation Charges0.0%
Solid Waste Charges0.0%

Key Insights

  1. 1Total revenue increased by 80.5% from 2012 to 2021, representing a significant change in the state's financial position.
  2. 2Population changed by 4.2%, while per-capita revenue changed by 73.3%.
  3. 3The state's fund balances increased by 82.2%, suggesting improved fiscal health.
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State Expense Analysis (Virginia: 2012 - 2021)

Total Expenditure Trends

Operating Expenditures 43%
$17,047,716,000$24,410,686,000
Per Capita Spending 37%
$2,081$2,860

Population Trends

Population Change 4.2%
8,193,422 (2012)8,535,519 (2021)
⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection 75%
$0 (2012)$0 (2021)
Fire Protection 0%
$0 (2012)$0 (2021)

Infrastructure Expenses

Highways Maintenance 12%
$0 (2012)$0 (2021)
Sewerage Operations 97%
$0 (2012)$0 (2021)

Administrative Expenses

Financial Administration 122%
$0 (2012)$0 (2021)
General Expenses 6%
$0 (2012)$0 (2021)

Virginia Key Insights

  1. 1Financial Administration was the fastest growing major expense category at 122% increase
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State Debt Analysis (2012-2021)

Debt Trends

Total Long-Term Debt 21%
$20,921,461,000 (2012)$25,407,112,000 (2021)
Industrial Revenue Debt 16%
$6,694,271,000 (2012)$5,594,749,000 (2021)
Per Capita Debt 17%
$2,553 (2012)$2,977 (2021)

Population Trends

Population Change 4.2%
8,193,422 (2012)8,535,519 (2021)

Debt Management

Most Recent Year (2021)

Issued:$3,978,330,000
Retired:$2,825,110,000
Net Change:+$1,153,220,000

Debt Retirement Trend

$2,465,619,000 → $2,825,110,000 15%