Virginia Recommended Spending Percentages
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Virginia's state government budget is divided into an operating budget and a capital budget. The operating budget includes expenses to run the daily activities of government. The capital budget includes the one-time costs of building, improving, or repairing government facilities.
Military spending accounts for 44 percent of federal spending in Virginia.
The largest section of local spending is for education. To read an article by the U.S. Census Bureau related to state and local government expenditures and their revenues visit State and Local Government Spending Grows Faster Than Revenue.
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
The largest category of state spending is education. State governments have primary responsibility for elementary and secondary education.
The two largest sources are the individual income tax and the sales and use tax. Other major revenue sources are corporate income taxes, wills, suits, deeds, and contract fees, and taxes on insurance company premiums.
Virginia's largest spending areas per capita were elementary and secondary education ($2,157) and public welfare ($1,658). The Census Bureau includes most Medicaid spending in public welfare but also allocates some of it to public hospitals.
Health, housing, food, and transportation account for a majority of personal spending. However, for many categories, the amount spent varies by income level.
The two largest sources are the individual income tax and the sales and use tax. Other major revenue sources are corporate income taxes, wills, suits, deeds, and contract fees, and taxes on insurance company premiums.
General fund revenues can primarily be attributed to five major revenue sources. The two largest sources are the individual income tax and the sales and use tax. Other major revenue sources are corporate income taxes, wills, suits, deeds, and contract fees, and taxes on insurance company premiums.
