State budgets and COVID: Pre-COVID problems during COVID general coronavirus coverage
Virginia budget and finances

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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.
In Virginia, together in other states, lawmakers and also public public representative are elected in component to regulate the state"s finances. This includes generating profits (money coming right into the state from assorted sources) and approving expenditures (the money invested on governmental functions and also servicing state debt). State budgets are complex and fluid, together they depend on anticipated revenues and planned expenditures, i m sorry may change over the course of a budget year. If revenues carry out not store pace through expenditures, states generally have to raise taxes, cut services, borrow money, or a combination of the three. State spending plan decisions are likewise influenced by policy decisions at the national level, such together the Affordable care Act or energy and also environmental regulations, and issues in ~ the regional level, such together crime and the high quality of education.

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Education accounted because that 30.9 percent the state expenditures in budget year 2015, while 17.5 percent saw Medicaid.

Definitions

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.

Revenues

2016 revenues

See 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>

State taxes collections by source ($ in thousands), 2016 State property taxes Sales and gross receipts Licenses income taxes various other taxes total 2016 population Per capita collections
Virginia $30,367 $6,886,378 $826,306 $12,990,685 $486,021 $21,219,757 8,411,808 $2,523
Maryland $748,389 $8,939,430 $884,363 $9,646,537 $675,480 $20,894,199 6,016,447 $3,473
north Carolina N/A $11,149,110 $1,869,060 $13,109,468 $73,938 $26,201,576 10,146,788 $2,582
West Virginia $6,957 $2,566,690 $128,478 $1,990,391 $435,454 $5,127,970 1,831,102 $2,800
United claims $18,364,298 $442,909,995 $52,164,396 $392,286,910 $24,538,146 $930,263,745 322,762,018 $2,882.20
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>

State tax collections by source (as percentages), 2016 State home taxes Sales and also gross receipts Licenses revenue taxes other taxes
Virginia 0.1% 32.5% 3.9% 61.2% 2.3%
Maryland 3.6% 42.8% 4.2% 46.2% 3.2%
phibìc Carolina N/A 42.6% 7.1% 50.0% 0.3%
West Virginia 0.1% 50.1% 2.5% 38.8% 8.5%
Source: U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed April 4, 2016

Federal assist to the state budget

See 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>

Federal help to state budgets, 2014 State complete federal aid ($ in thousands) Federal help as a % of basic revenues Ranking (by % of general revenues) Est. 2014 populace Aid every capita
Virginia $9,461,178 22.8% 49 8,317,372 $1,138
Maryland $10,670,601 29.4% 32 5,967,295 $1,788
north Carolina $15,356,098 32.7% 25 9,934,399 $1,546
West Virginia $4,260,638 34.8% 15 1,848,514 $2,305
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.

Spending

Estimated 2016 expenditures

See 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.

Total estimated state spending, FY 2016 ($ in millions) State State funds commonwealth funds total spending population Per capita spending
Virginia $39,251 $9,901 $49,152 8,411,808 $5,843
Maryland $29,634 $11,549 $41,183 6,016,447 $6,845
phibìc Carolina $31,360 $13,007 $44,367 10,146,788 $4,373
West Virginia $12,832 $3,340 $16,172 1,831,102 $8,832
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 function

See 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.

State safety by function as a percent of total expenditures, FY 2015StateK-12 educationHigher educationPublic assistanceMedicaidCorrectionsTrans-portationOther
Virginia 15.5% 15.4% 0.3% 17.5% 2.8% 12.3% 36.2%
Maryland 18.3% 14.2% 3.4% 24.2% 3.9% 10.8% 25.2%
phibìc Carolina 23.4% 13.3% 0.4% 31.5% 4.8% 10.4% 16.3%
West Virginia 15.8% 13.3% 0.7% 22.1% 1.4% 6.4% 40.2%
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>

Spending trends

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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safety by function from 2010 to 2015 (as percentages)YearK-12 educationHigher educationPublic assistanceMedicaidCorrectionsTransportationOther
2015 15.5% 15.4% 0.3% 17.5% 2.8% 12.3% 36.2%
2014 15.1% 15.2% 0.3% 17.2% 2.7% 12.0% 37.4%
2013 15.1% 15.3% 0.4% 16.7% 2.8% 11% 38.7%
2012 16.0% 13.1% 0.4% 16.2% 2.9% 11.3% 40.1%
2011 15.8% 15.3% 0.1% 16.9% 3.0% 10.2% 38.6%
2010 16.7% 15.6% 0.5% 16.1% 3.2% 9.2% 38.7%
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 debt

See 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>