|Virginia budget and finances|
|State budget and finance pages • complete state expenditure • State blame • Tax policy in Virginia|
|Note: In comparing disagreement amounts throughout the states, the is important to keep in mind that the cost of living deserve to differ indigenous state to state and also within a state. The amounts given ~ above this page have actually not been adjusted to reflect these differences. For an ext information on "regional price disparities" and also the consumer Price Index, watch the U.S. Room of Commerce, bureau of financial Analysis. This article, i beg your pardon is to update on an yearly basis, to be last to update in June 2017. It includes information from several sources; consequently, the money of the information can vary from resource to source.|
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Education accounted because that 30.9 percent the state expenditures in budget year 2015, while 17.5 percent saw Medicaid.
The adhering to terms are used to define a state"s finances:Revenues come mostly from taxation collections, license fees, commonwealth aid, and returns on investments. Expenditures generally include spending on federal government salaries, infrastructure, education, windy pensions, windy assistance, corrections, Medicaid, and also transportation. State debt refers to the money borrowed to consist of for a deficit when revenues perform not cover spending. The state credit rating is the grade offered by a credit rating company based on the basic financial health and wellness of the state"s government and economy. Total spending is calculation by adding together the totals because that state and also federal funds used for expenditures.
2016 revenuesSee also: State government tax collections by source
The table listed below breaks under state government tax collections by resource in 2016 (comparable figures from neighboring states are also noted to give extr context). Numbers for all columns except "2016 population" and "Per capita collections" room rendered in countless dollars (for example, $2,448 converts to $2,448,000). Figures in the columns labeled "2016 population" and "Per capita collections" have actually not been abbreviated.<3>
|Source: U.S. Census Bureau, "2016 yearly survey the state government tax collections by category," accessed June 26, 2017|
The table below lists 2016 tax collections by source as percentages of complete collections. Around 61.2 percent the Virginia"s complete state tax collections came from revenue taxes.<3>
|Source: U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed April 4, 2016|
Federal assist to the state budgetSee also: Federal help to state budgets
State federal governments receive assist from the federal federal government to fund a range of share programs, mainly in the form of grants because that such points as Medicaid, education, and also transportation. In 2014, federal assist to the claims accounted for approximately 31 percent of every state basic revenues. Federal aid varies native state to state. For example, Mississippi received about $7.2 exchange rate in federal help in 2014, accountancy for about 41 percent of the state"s basic revenues, the greatest percentage of all of the states. By contrast, north Dakota received about $1.5 exchange rate in federal help in 2014, or simply 17 percent the the state"s basic revenues, the lowest percentage in the nation.<4>
The table below notes what share of Virginia’s basic revenues come from the federal federal government in 2014. The year, Virginia received about $9.5 exchange rate in commonwealth aid, 22.8 percent of the state"s general revenues. Acquisition into consideration the state"s 2014 population, this came out to around $1,138 in federal assist per capita. Numbers from bordering states are provided for additional context.<4>
|Sources: United claims Census Bureau, "2014 State and Local government Finances," accessed June 26, 2017Note: Per-capita numbers were produced by urbanbreathnyc.com by dividing total federal help for the state by the estimated population of that state in 2014.|
Estimated 2016 expendituresSee also: complete state expenditures
The table listed below breaks down approximated spending totals because that fiscal year 2016 (comparable numbers from neighboring states are contained to provide extr context). Figures for every columns except "Population” and “Per capita spending" space rendered in numerous dollars (for example, $2,448 equates to $2,448,000,000). Numbers in the columns labeled "Population” and “Per capita spending" have actually not been abbreviated.<5>
The total estimated government spending in Virginia in fiscal year 2016 was $49.2 billion.
|Per-capita numbers are calculate by taking the state"s total spending and dividing by the variety of state citizens according to United states Census bureau estimates.Source: nationwide Association that State budget Officers, "State Expenditure Report (Fiscal 2014-2016)," accessed June 26, 2017|
Spending through functionSee also: State safety by function as a percent of total expenditures
State safety in Virginia have the right to be further broken down by role (elementary and second education, windy assistance, etc.). Budget year 2015 info is consisted of in the table listed below (information from neighboring states is detailed for additional context). Numbers are rendered together percentages, describe the re-publishing of the total spending plan spent per category.<5>
In budget year 2015, various other spending accounted for 36.2 percent the Virginia"s full expenditures.
|Source: national Association that State budget OfficersNote: "Other" expenditures include "Children"s health and wellness Insurance routine (CHIP), institutional and community care for the holy ghost ill and developmentally disabled, public health programs, employee contributions to pensions and health benefits, financial development, ecological projects, state police, parks and recreation, housing and also general aid to local governments."<5>|
The table listed below details the spending patterns in Virginia in previous years. Figures are rendered as percentages, describe the re-superstructure of the total budget plan spent per category.
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|Source: nationwide Association the State spending plan OfficersNote: "Other" expenditures include "Children"s health and wellness Insurance regime (CHIP), institutional and also community care for the holy spirit ill and developmentally disabled, public health and wellness programs, employer contributions come pensions and also health benefits, financial development, ecological projects, state police, parks and recreation, housing and also general assist to regional governments."<5>|
State debtSee also: Virginia state debt
State blame refers to any debt owned by a state government. Debt may include any financial duties a state has actually that have actually not been paid, such as bonds issued by state governments, money obtained by a state government that has actually not been repaid, or post-retirement services promised to state employees. Follow to the U.S. Census Bureau, Virginia had actually a debt of $28,231,613,000 in fiscal year 2015. The state blame per capita to be $3,374. This ranked Virginia 13th amongst the says in debt and also 22nd in per capita debt. The full state debt owned through the 50 says was $1.15 trillion through a per capita debt of $3,582.<8>