Virginia Fiscal Statistics

StatisNostics/State Financials/Virginia

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20122024

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State Revenue Analysis (Virginia: 2012–2024)

Population: 8,193,422 → 8,683,619 (6.0% change)

Overall Revenue Trends

Total Revenue▲ 107%

$40,831,190,000 (2012)→$84,504,491,000 (2024)

Per Capita Revenue▲ 95.3%

$4,983 (2012)→$9,731 (2024)

Fund Balances▼ 100%

$27,885,128,000 (2012)→$0 (2024)

Revenue Volatility✓ Low

Avg. fluctuation: 6.7%

Major Tax Revenue

Property Tax▲ 31.5%

$34,297,000 (2012)→$45,114,000 (2024)

Sales Tax▲ 112.1%

$3,487,343,000 (2012)→$7,395,083,000 (2024)

Utility Revenue

Growth Analysis

Fastest Growing Revenue Sources

Amusement Tax▲ 152870.4%

$81,000→$123,906,000

Amusement License Tax▲ 38183.9%

$93,000→$35,604,000

Unemployment - Interest Revenue▲ 8783.1%

$486,000→$43,172,000

Declining/Slowest Growing Sources

Unemployment - Contribution▼ 69.8%

$777,414,000→$234,568,000

Motor Vehicle Operators License▼ 26.3%

$60,282,000→$44,446,000

Federal Intergovernmental Housing & Community Development▼ 21.7%

$91,853,000→$71,962,000

Revenue Forecast

Projected Revenue (Next Year)▲ 3.6%

Estimated: $87,538,543,199

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%

2024 Revenue Breakdown

Individual Income Tax20.9%

Federal Intergovernmental Public Welfare17.2%

Total General Sales Taxes8.8%

Hospital Charges8.3%

Corporation Net Income Tax4.5%

Miscellaneous General Revenue Not Elsewhere Classified4.2%

Federal Intergovernmental Education4.0%

Higher Education Tuition Charges3.9%

Other Selective Sales Taxes3.6%

Federal Intergovernmental Health & Hospitals2.7%

Interest Earnings2.7%

Motor Fuels Sales Tax2.2%

Higher Education Auxiliary Charges2.0%

Federal Intergovernmental Highways1.5%

Liquor Stores Revenue1.4%

Net Lottery Revenue1.2%

Donations From Private Sources1.1%

Insurance Premium Tax0.9%

Water Transportation & Terminal Charges0.9%

Local Intergovernmental Highways0.8%

Documentary & Stock Transfer Tax0.6%

All Other Not Elsewhere Classified Charges0.6%

Motor Vehicle License0.6%

Public Utilities Tax0.6%

Local Intergovernmental Education0.6%

Occupation & Business License Not Elsewhere Classified0.5%

Federal Intergovernmental Other0.5%

Alcoholic Beverage Sales Tax0.3%

Fines & Forfeits0.3%

Unemployment - Contribution0.3%

Tobacco Sales Tax0.3%

Rents0.2%

Regular Highway Charges0.2%

Amusement Tax0.1%

Toll Highway Charges0.1%

Corporation License Tax0.1%

Federal Intergovernmental Sewerage0.1%

Federal Intergovernmental Other Natural Resources0.1%

Local Intergovernmental Health & Hospitals0.1%

Federal Intergovernmental Housing & Community Development0.1%

Other License Tax0.1%

Housing & Community Development Charges0.1%

Local Intergovernmental Other0.1%

Parks & Recreation Charges0.1%

Property Tax0.1%

Motor Vehicle Operators License0.1%

Unemployment - Interest Revenue0.1%

Education Other State Charges Not Elsewhere Classified0.0%

Amusement License Tax0.0%

Sale of Property0.0%

Federal Intergovernmental Employment Security Administration0.0%

Hunting & Fishing License0.0%

Alcoholic Beverage License Tax0.0%

Natural Resources Not Elsewhere Classified Charges0.0%

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 107% from 2012 to 2024, representing a significant change in the state's financial position.
2Population changed by 6.0%, while per-capita revenue changed by 95.3%.
3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.

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State Expense Analysis (Virginia: 2012 - 2024)

Total Expenditure Trends

Operating Expenditures▲ 214%

$17,047,716,000→$53,610,639,000

Per Capita Spending▲ 197%

$2,081→$6,174

Population Trends

Population Change▲ 6%

8,193,422 (2012)→8,683,619 (2024)

⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 131%

$292,741,000 (2012)→$675,395,000 (2024)

Fire Protection▼ 0%

$0 (2012)→$0 (2024)

Infrastructure Expenses

Highways Maintenance▲ 42%

$1,497,698,000 (2012)→$2,119,686,000 (2024)

Sewerage Operations▼ 91%

$28,272,000 (2012)→$2,579,000 (2024)

Administrative Expenses

Financial Administration▲ 201%

$459,709,000 (2012)→$1,382,174,000 (2024)

General Expenses▼ 29%

$693,182,000 (2012)→$494,048,000 (2024)

Virginia Key Insights

1Police protection spending increased by 131%, significantly outpacing population growth of 6.0%
2Per capita expenditures grew by 197%, indicating substantial service expansion or cost increases not explained by population growth alone
3Financial Administration was the fastest growing major expense category at 201% increase

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State Debt Analysis (2012-2024)

Debt Trends

Total Long-Term Debt▲ 61%

$20,921,461,000 (2012)→$33,708,719,000 (2024)

Industrial Revenue Debt▼ 100%

$6,694,271,000 (2012)→$0 (2024)

Per Capita Debt▲ 52%

$2,553 (2012)→$3,882 (2024)

Population Trends

Population Change▲ 6%

8,193,422 (2012)→8,683,619 (2024)

Debt Management

Most Recent Year (2024)

Issued:$1,911,486,000

Retired:$2,272,019,000

Net Change:$-360,533,000

Debt Retirement Trend

$2,465,619,000 → $2,272,019,000▼ 8%

Key Insights

1The sharp increase in unspecified long-term debt suggests major capital projects or financial restructuring.