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Virginia Yearly Expenses by Quarter
Category:
State:
Multi-State
Control #:
US-174-AZ
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Word;
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Rich Text
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FAQ
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.
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.
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.
The real property tax is the single largest source of local government revenue. For cities and counties combined it represents about 46 percent of all local revenue.
Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
The largest sources of revenues are individual income taxes and payroll taxes followed by corporate income taxes.
Military spending accounts for 44 percent of federal spending in Virginia.
Virginia has three major sources of state tax revenue: individual income taxes, corporate income taxes, and state sales taxes.
Virginia operates under a two-year (biennial) budget cycle. Each year the Governor prepares the proposed budget bill for introduction by the General Assembly. The bill is initially adopted in even-numbered years and amended in odd-numbered years.
Virginia has a biennial budget system, which means it adopts a two-year budget. The biennial budget is enacted into law in even-numbered years, and amendments to it are enacted in odd-numbered years.
