Virginia Fiscal Statistics

StatisNostics/State Financials/Virginia

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20122023

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State Revenue Analysis (Virginia: 2012–2023)

Population: 8,193,422 → 8,642,274 (5.5% change)

Overall Revenue Trends

Total Revenue▲ 101.4%

$40,831,190,000 (2012)→$82,234,696,000 (2023)

Per Capita Revenue▲ 90.9%

$4,983 (2012)→$9,515 (2023)

Fund Balances▼ 100%

$27,885,128,000 (2012)→$0 (2023)

Revenue Volatility✓ Low

Avg. fluctuation: 7.0%

Major Tax Revenue

Property Tax▲ 44.7%

$34,297,000 (2012)→$49,635,000 (2023)

Sales Tax▲ 113%

$3,487,343,000 (2012)→$7,427,094,000 (2023)

Utility Revenue

Growth Analysis

Fastest Growing Revenue Sources

Amusement License Tax▲ 87423.7%

$93,000→$81,397,000

Amusement Tax▲ 56843.2%

$81,000→$46,124,000

Federal Intergovernmental General Support▲ 5804.8%

$21,000→$1,240,000

Declining/Slowest Growing Sources

Unemployment - Contribution▼ 60.9%

$777,414,000→$303,624,000

Motor Vehicle Operators License▼ 22.5%

$60,282,000→$46,732,000

Sale of Property▼ 20.0%

$14,374,000→$11,500,000

Revenue Forecast

Projected Revenue (Next Year)▲ 5.6%

Estimated: $86,869,771,380

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%

2023 Revenue Breakdown

Individual Income Tax20.2%

Federal Intergovernmental Public Welfare18.8%

Total General Sales Taxes9.0%

Hospital Charges7.4%

Corporation Net Income Tax5.3%

Miscellaneous General Revenue Not Elsewhere Classified4.2%

Higher Education Tuition Charges4.0%

Other Selective Sales Taxes3.6%

Federal Intergovernmental Education3.4%

Federal Intergovernmental Health & Hospitals3.1%

Motor Fuels Sales Tax2.2%

Higher Education Auxiliary Charges1.9%

Federal Intergovernmental Highways1.8%

Interest Earnings1.7%

Liquor Stores Revenue1.4%

Net Lottery Revenue1.2%

Donations From Private Sources1.0%

Water Transportation & Terminal Charges1.0%

Insurance Premium Tax0.9%

Documentary & Stock Transfer Tax0.7%

Motor Vehicle License0.6%

Occupation & Business License Not Elsewhere Classified0.6%

Public Utilities Tax0.6%

Local Intergovernmental Highways0.6%

All Other Not Elsewhere Classified Charges0.6%

Local Intergovernmental Education0.6%

Federal Intergovernmental Other0.4%

Unemployment - Contribution0.4%

Alcoholic Beverage Sales Tax0.3%

Fines & Forfeits0.3%

Tobacco Sales Tax0.3%

Rents0.2%

Taxes Not Elsewhere Classified0.1%

Federal Intergovernmental Housing & Community Development0.1%

Amusement License Tax0.1%

Corporation License Tax0.1%

Toll Highway Charges0.1%

Local Intergovernmental Health & Hospitals0.1%

Federal Intergovernmental Sewerage0.1%

Other License Tax0.1%

Federal Intergovernmental Other Natural Resources0.1%

Regular Highway Charges0.1%

Local Intergovernmental Other0.1%

Housing & Community Development Charges0.1%

Parks & Recreation Charges0.1%

Property Tax0.1%

Motor Vehicle Operators License0.1%

Amusement Tax0.1%

Education Other State Charges Not Elsewhere Classified0.0%

Federal Intergovernmental Employment Security Administration0.0%

Unemployment - Interest Revenue0.0%

Hunting & Fishing License0.0%

Alcoholic Beverage License Tax0.0%

Natural Resources Not Elsewhere Classified Charges0.0%

Sale of Property0.0%

Severance Tax0.0%

Federal Intergovernmental General Support0.0%

Royalties0.0%

Public Utility License Tax0.0%

Federal Intergovernmental Air Transportation0.0%

Air Transportation Charges0.0%

Solid Waste Charges0.0%

Key Insights

1Total revenue increased by 101.4% from 2012 to 2023, representing a significant change in the state's financial position.
2Population changed by 5.5%, while per-capita revenue changed by 90.9%.
3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.

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State Expense Analysis (Virginia: 2012 - 2023)

Total Expenditure Trends

Operating Expenditures▲ 206%

$17,047,716,000→$52,139,286,000

Per Capita Spending▲ 190%

$2,081→$6,033

Population Trends

Population Change▲ 5.5%

8,193,422 (2012)→8,642,274 (2023)

⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 119%

$292,741,000 (2012)→$640,116,000 (2023)

Fire Protection▼ 0%

$0 (2012)→$0 (2023)

Infrastructure Expenses

Highways Maintenance▲ 26%

$1,497,698,000 (2012)→$1,882,366,000 (2023)

Sewerage Operations▼ 94%

$28,272,000 (2012)→$1,775,000 (2023)

Administrative Expenses

Financial Administration▲ 176%

$459,709,000 (2012)→$1,267,864,000 (2023)

General Expenses▼ 13%

$693,182,000 (2012)→$604,013,000 (2023)

Virginia Key Insights

1Police protection spending increased by 119%, significantly outpacing population growth of 5.5%
2Per capita expenditures grew by 190%, indicating substantial service expansion or cost increases not explained by population growth alone
3Financial Administration was the fastest growing major expense category at 176% increase

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State Debt Analysis (2012-2023)

Debt Trends

Total Long-Term Debt▲ 55%

$20,921,461,000 (2012)→$32,492,639,000 (2023)

Industrial Revenue Debt▼ 100%

$6,694,271,000 (2012)→$0 (2023)

Per Capita Debt▲ 47%

$2,553 (2012)→$3,760 (2023)

Population Trends

Population Change▲ 5.5%

8,193,422 (2012)→8,642,274 (2023)

Debt Management

Most Recent Year (2023)

Issued:$2,178,767,000

Retired:$1,934,725,000

Net Change:+$244,042,000

Debt Retirement Trend

$2,465,619,000 → $1,934,725,000▼ 22%

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 47%).