August 15, 2014
Review of General Fund RevenuesReview of General Fund Revenues and the Virginia Economy
for Fiscal Year 2014
The Interim Economic Outlook andThe Interim Economic Outlook and Revenue Forecast for Fiscal Years 2015
through 2016
A presentation to the Senate Finance, House Appropriations, and House Finance Committees
Richard D. BrownSecretary of FinanceSecretary of Finance
Overview…
Fiscal Year 2014 Year-in-Review
• Economic Performance
• Actual General Fund Collections
• Actual Commonwealth Transportation Fund Collections• Actual Commonwealth Transportation Fund Collections
• Financial Results Balance Sheet
Updated Outlook for Fiscal Years 2015 through 2016Updated Outlook for Fiscal Years 2015 through 2016
• May 2014 Economic Outlook
• August 2014 Interim Revenue Forecastg
• Revenue Stabilization Fund Balance
Next Steps
• July 2014 General Fund Collections
• Fall Forecasting Process
1
The U.S. Economy Performed As Anticipated In Fiscal Year 2014…In Fiscal Year 2014…
• As measured on a fiscal year basis (July through June), real GDP advanced 2.4 percent in FY14.
• Wages and Salaries advanced 3.3 percent in FY14 in line with expectations.
• The U S economy gained 2 3 million jobs in FY14The U.S. economy gained 2.3 million jobs in FY14.• At the end of FY14, national employment slightly
exceeded the previous peak that occurred six years ago in FY08.
Summary of Key U.S. Economic IndicatorsPercent Change Over the Prior Fiscal Year
FY14 FY14 Forecast Actual
Real GDP 2.1 2.4
Consumer Spending 2.0 2.4
Employment 1 6 1 7Employment 1.6 1.7
Personal Income 3.6 3.1
Wages & Salaries 3.2 3.3
2
However, Due to Federal Budget Cuts, Virginia’s Economy Stalled In The Last Half
f Fi l Y 2014of Fiscal Year 2014…
• In Virginia, wages and salaries grew 1.1 percent, significantly lower than the official forecasted rate of 2.6 percent.
• Virginia gained a meager 0.4 percent or 14,600 jobs in FY14. Gains in finance, health services, and leisure and hospitality were largely offset by the drag from professionalhospitality were largely offset by the drag from professional and business services and government.
Summary of Key Virginia Economic IndicatorsSummary of Key Virginia Economic IndicatorsPercent Change Over the Prior Fiscal Year
FY14 Forecast
FY14 Actual
Employment 1.0 0.4
Professional/Business 1.0 -1.8
Government -0.1 0.0
Personal Income 2 9 1 6Personal Income 2.9 1.6
Wages & Salaries 2.6 1.1
3
The Composition of Employment Growth is Changing...Changing...
4
Fiscal Year 2014 Revenues And Transfers Finished $437.8 Million (2.5 Percent) Below F tForecast…
Summary of Fiscal Year 2014 Revenue Collections(millions of dollars)
% Growth Over FY13Major Source Forecast Actual Dollars Actual
Withholding $ 10,550.2 $ 10,484.2 $ (66.0) (0.6) % 2.9 % 2.3 %Nonwithholding 2,926.0 2,524.9 (401.1) (13.7) 4.2 (10.1)Refunds (1 807 1) (1 755 8) 51 3 (2 8) 5 1 2 1
VariancePercent Forecast
Refunds (1,807.1) (1,755.8) 51.3 (2.8) 5.1 2.1 Net Individual 11,669.1 11,253.3 (415.8) (3.6) 2.9 (0.8)
Sales 3,079.4 3,066.5 (12.9) (0.4) (4.4) (4.8)Corporate 769.9 757.5 (12.4) (1.6) (3.4) (4.9)Wills (Recordation) 377.5 310.8 (66.7) (17.7) 0.0 (17.7)Insurance 289.4 320.4 31.0 10.7 10.4 22.2All Other Revenue 664.1 702.9 38.8 5.8 (3.5) 2.1
Total Revenues $ 16,849.4 $ 16,411.4 $ (438.0) (2.6) % 1.0 % (1.6) %
ABC Profits 71 6 72 2 0 6 0 8 5 3 6 2ABC Profits 71.6 72.2 0.6 0.8 5.3 6.2Sales Tax (0.25%) 334.7 334.0 (0.7) (0.2) 51.2 50.9Transfers 131.2 131.5 0.3 0.2 (3.0) (2.7)
Total Transfers $ 537.5 $ 537.7 $ 0.2 0.0 % 26.6 % 26.6 %
Total General Fund $ 17,386.9 $ 16,949.1 $ (437.8) (2.5) % 1.6 % (0.9) %
5
The Drop-Off in May Pushed the Fiscal-Year-to-Date Growth Down to Negative T itTerritory…
14%
Growth in Total General Fund Revenue CollectionsFY14 Monthly and Year-to-Date
13.0%
3.0% 2.8%
1 3%0%2%4%6%8%
10%12%
Forecast: 1.0%
0.6% 0.7% 0.7%-0.5%
-0.8% 0.0%1.3%
-1.6% -1.6%
-14%-12%-10%-8%-6%-4%-2%
-22%-20%-18%-16%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
Growth: 13.0% -4.8% 2.6% -5.4% 1.1% 0.8% -5.9% -3.4% 7.8% 10.0% -20.7% -2.2%
• Total general fund revenue collections were short of the forecast by $438.0 million in FY14, a forecast variance of 2.6 percent.
• Total general fund revenue collections fell 1.6 percent, behind the official forecast of 1.0 percent growth.
– Adjusting for the accelerated sales tax (AST) program, total revenues fell 0.6 percent, behind the economic-base forecast of 2.1 percent growth.
6
Payroll Withholding Tax Collections Fell Short of The Annual Estimate By $66.0 Milli ( 0 6 P t) I Fi l Y 2014Million (-0.6 Percent) In Fiscal Year 2014…
19.6%18%
20%
Growth in Withholding TAX CollectionsFY14 Monthly and Year-to-Date
5 8%8%
10%
12%
14%
16%
Forecast: 2.9%
5.8%
4.8%3.6%
3.4% 3.4%
2.5%3.0% 2.7% 3.3%
2.5% 2.3%
-2%
0%
2%
4%
6%
Monthly Growth: 19.6% -5.5% 2.9% 0.5% 2.6% 3.1% -1.9% 6.6% 0.8% 8.0% -5.4% 0.1%
-6%
-4%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
• Collections of payroll withholding taxes, 64 percent of total general fund revenues, grew 2.3 percent, trailing the annual estimate of 2.9 percent.
Sl th t d l t d i th• Slower-than-expected employment and income growth dampened collections in this source.
7
Weak Growth in Withholding Collections Due to Slowdown in Public Sector and Declines in F d l C t t d P f i l dFederal Contractors and Professional and Business Services…
Withholding Tax CollectionsFiscal Years 2012 - 2014
Millions of Dollars
# of FirmsIndustry (% of Total $ Amount in FY14) in FY14 FY12 FY13 FY14 FY12 FY13 FY14
Millions of Dollars Percent Changedust y (% o ota $ ou t ) 3 3
Public Sector (18%) 93 $1,831.5 $1,874.9 $1,888.6 2.7% 2.4% 0.7%Education and Health Services (7%) 244 $750.4 $757.4 $772.9 -1.2% 0.9% 2.0%Federal Contractors (4%) 192 $495.6 $482.8 $451.7 -1.7% -2.6% -6.4%Finance (3%) 134 $270 3 $294 7 $306 6 7 0% 9 0% 4 0%Finance (3%) 134 $270.3 $294.7 $306.6 7.0% 9.0% 4.0%Professional and Business Services (3%) 538 $260.5 $285.5 $288.1 8.1% 9.6% 0.9%Investment (2%) 148 $134.8 $159.6 $179.0 3.1% 18.4% 12.2%Manufacturing (2%) 174 $135.8 $141.0 $157.3 7.2% 3.8% 11.6%Transportation (1%) 41 $103 1 $108 9 $113 9 0 4% 5 7% 4 6%Transportation (1%) 41 $103.1 $108.9 $113.9 0.4% 5.7% 4.6%Energy (1%) 47 $96.2 $84.4 $86.2 -2.8% -12.3% 2.2%Other (4%) 720 $468.0 $468.8 $464.1 -1.8% 0.2% -1.0%
( %) $ $ $ % % %Total Large Payers (45%) 2,331 $4,546.1 $4,658.0 $4,708.6 1.6% 2.5% 1.1%Total Small Payers (55%) 242,267 $5,493.5 $5,593.3 $5,775.6 6.5% 1.8% 3.3%Total All 244,598 $10,039.7 $10,251.3 $10,484.2 4.2% 2.1% 2.3%
8
Individual Income Tax Nonwithholding Collections Were $401.1 (13.7 Percent) Below The Annual Estimate In Fiscal YearBelow The Annual Estimate In Fiscal Year 2014…
Growth in Estimated and Final Payments, FY92-14Percent Growth Over the Prior Year
60%
30%
40%
50%
60%
0%
10%
20%
40%
-30%
-20%
-10%
Estimated Payments
Final
• Collections of nonwithholding, 15 percent of total revenues and one of the most volatile revenue sources, fell short of expectations due to a drop off in final payments and flat
-40%92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
p p p yestimated payments.
– Final payments decreased 23.5 percent compared with the estimate no change.
T k t th t t l ithh ldi ll ti f ll 10 1• Taken together, total nonwithholding collections fell 10.1 percent in fiscal year 2014 compared with the annual estimate of 4.2 percent growth.
9
Individual Payments Reflect Realized Capital Gains and Non-wage Income…
Number of Total $ AmtP t f P t
Large Individual Payments
Payments of Payments (in millions)
FY00 832 $266.2
FY01 885 $270.9
FY02 639 $168.8
FY03 617 $177.5
FY04 864 $242.3
FY05 1,320 $394.8
FY06 1 749 $523 1FY06 1,749 $523.1
FY07 1,929 $638.5
FY08 1,858 $657.9
FY09 1,310 $483.3
FY10 843 $263.8FY10 843 $263.8
FY11 1,130 $422.3
FY12 1,173 $401.6FY13 1,648 $575.7FY14 1,119 $328.0
FY13 and FY14 payments are affected by federal tax policy changes; FY14 payments are the lowest since FY10.
10
Note, large payments are payments over $100,000.00
Individual Income Tax Refunds Were Below Expectations In Fiscal Year 2014…Below Expectations In Fiscal Year 2014…
Individual Refunds
• Individual refunds in FY14 were $51.3 million below the estimate of a 5.1 percent increase, a -2.8 percent variance.
• During the main filing season that began in January and ended in June, TAX issued 2.6 million refunds, approximately the same amount as last year. The average check size declined 3 percent ($549 versus $566).
Net Individual Income Taxes
• Net individual income taxes (i.e., collections of withholding, nonwithholding, and refunds) underperformed the forecast by $415.8 million, a variance of -3.6 percent.
• Collections fell 0.8 percent from FY14, behind the annual estimate of 2.9 percent growth.
11
Sales And Use Tax Collections Fell Short Of The Annual Estimate By $12.9 Million ( 0 4 P t) I Fi l Y 2014(-0.4 Percent) In Fiscal Year 2014…
4%
Growth in Sales Tax Collections FY14 Monthly and Year-to-Date
-3.7%-2.6% -2.9%
-3.8%4 5%
-2%
0%
2%
-5.5% -5.6%
-4.5% -4.9% -4.8% -4.8%
-4.5%
-4.8%
-8%
-6%
-4%
Forecast: -4.4%
-14%
-12%
-10%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
• Adjusting for AST, sales tax collections grew 0.8 percent in fiscal year 2014, trailing the economic-base forecast of a 1.6 percent increase.
Growth: -5.5% -5.6% -2.7% -1.7% 1.8% -4.3% -8.0% -12.7% -4.2% -5.0% -1.6% -6.4%
percent increase.
• Monthly growth rates were below the annual forecast in 6 out of the 12 months as Virginia consumers have shown restraint in connection with federal government cutbacks.
12
Sales Tax Collections Overall Were Weak, But Fiscal Year 2014 Gains Emerged in Housing, Restaurants, Trade, and Leisure and Hospitality…
Sales Tax CollectionsFiscal Years 2012 - 2014
Millions of DollarsMillions of Dollars
# of Firms
Industry (% of Total $ Amount) in FY14 FY12 FY13 FY14 FY13 FY14
Housing (16%) 177 $423.4 $446.5 $466.2 5.5% 4.4%
Millions of Dollars Percent Change
Warehouse Clubs/Supercenters (14%) 6 $390.4 $404.8 $398.2 3.7% ‐1.6%
Department Stores (12%) 126 $358.9 $359.2 $357.8 0.1% ‐0.4%
Grocery Stores (11%) 23 $309.2 $322.5 $322.6 4.3% 0.0%
Retail Trade (10%) 112 $276.8 $284.2 $292.0 2.7% 2.7%Retail Trade (10%) 112 $276.8 $284.2 $292.0 2.7% 2.7%
Restaurants (5%) 90 $139.8 $145.6 $154.6 4.1% 6.2%
Wholesale Trade (2%) 78 $60.8 $68.2 $71.9 12.1% 5.5%
Leisure and Hospitality (2%) 63 $35.7 $41.9 $46.4 17.4% 10.7%
Gasoline Stations (2%) 18 $51 6 $49 8 $45 7 3 5% 8 4%Gasoline Stations (2%) 18 $51.6 $49.8 $45.7 ‐3.5% ‐8.4%
Other (5%) 369 $171.0 $169.4 $150.1 ‐0.9% ‐11.4%
Total Large Payers 1,062 $2,217.6 $2,292.1 $2,305.4 3.4% 0.6%
$ $ $Total 143,598 $3,123.4 $3,186.0 $3,211.5 2.0% 0.8%
13
Corporate Income Tax Receipts Fell Short Of The Annual Estimate By $12.4 Million( 1 6 P t) I Fi l Y 2014
Growth in Net Corporate Income Tax Receipts, FY82-14Percent Growth Over the Prior Year
(-1.6 Percent) In Fiscal Year 2014…
30%
40%
50%
10%
0%
10%
20%
-40%
-30%
-20%
-10%
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
• Corporate income tax collections, 5 percent of total revenues and one of the most volatile sources, fell 4.9 percent in FY14, behind the annual estimate of a 3.4 percent decline.
14
The Performance of Other Revenue Sources Were Mixed Compared to Their R ti F t I Fi l Y 2014Respective Forecasts In Fiscal Year 2014…
Wills, Suits, Deeds, and Contracts (Recordation Tax)
• Wills, Suits, Deeds, and Contracts (primarily recordation tax collections) finished $66.7 million behind the annual forecast (-17.7 percent variance).
– This source fell 17.7 percent as housing transactions have been weakhave been weak.
Insurance Premiums Tax
• Insurance premiums tax collections exceeded the annual estimate by $31.0 million (10.7 percent variance).
– Growth in the commercial real estate market and improving home values led to a rebound in insurance premiums tax collections.
All Other Revenues
• All Other Revenues finished $38.8 million ahead of expectations (5.8 percent variance).p ( p )
– Much of this gain was due to Interest Income, which came in $24.1 million above forecast.
15
Commonwealth Transportation Fund (CTF) Revenues Finished Fiscal Year 2014 $16 7 Milli B l th Offi i l E ti t$16.7 Million Below the Official Estimate…
Summary of Fiscal Year 2014 Revenue CollectionsCommonwealth Transportation Fund
(millions of dollars)( )
Percent Change
FY2013 FY2014 FY2014 2013-2014 Forecast Variance
Revenue Sources Actual Actual Forecast Actual Forecast Amount Percent
Motor Fuels Tax 814.8 649.7 $597.8 -20.3% -26.6% $51.9 8.7%
Road Use Tax 5.1 8.6 7.7 68.6 51.0 0.9 11.7
Vehicle Sales Tax 589.4 788.6 826.1 33.8 40.2 -37.5 -4.5
Vehicle Licenses 245.6 249.3 250.7 1.5 2.1 -1.4 -0.6
State Sales Tax 521.2 822.6 837.8 57.8 60.7 -15.2 -1.8
Recordation Tax 46.3 37.3 45.5 (19.4) (1.7) -8.2 -18.0
Priority Transportation Fund 20.0 - - na na na na
Insurance Premiums Tax 130.1 130.8 130.8 0.5 0.5 0.0 0.0
Int'l Registration Plan 61.8 59.6 62.3 (3.6) 0.8 -2.7 -4.3g ( )
Interest Earnings 9.3 7.2 13.1 (22.6) 40.9 -5.9 -45.0
Rental Tax 33.4 33.3 33.1 (0.3) (0.9) 0.2 0.6
Aviation Fuels Tax 1.8 2.0 2.0 11.1 11.1 0.0 0.0
Miscellaneous 14.8 17.3 16.1 16.9 8.8 1.2 7.5
• Total revenue growth was below target with a 0.6 percent forecast variance.
Miscellaneous 14.8 17.3 16.1 16.9 8.8 1.2 7.5
TOTAL $2,493.6 $2,806.3 $2,823.0 12.5% 13.2% ($16.7) -0.6%
16
- Relative to the forecast, gains in the motor fuels tax were offset by weaker than expected vehicle sales tax collections.
Given the Revenue Shortfall, All Available Dollars Are Either Reserved, Committed, or Assigned on the Commonwealth’s BalanceAssigned on the Commonwealth s Balance Sheet…
General Fund - Budgetary (Cash) Basis (Unaudited)Fiscal Year 2014
AssetsCash, Cash Equivalents, and Investments $ 1,354.1 Cash, Travel Advances and Amounts Due from Other Funds 1.3
(millions of dollars)
Total Assets $ 1,355.4
Liabilities and Fund EquityLiabilities:
Deposits Pending Distribution 6.1
Total Liabilities $ 6.1
Fund Equity:Reserved Fund Balance:
Revenue Stabilization Reserve Fund 687.5 Revenue Stabilization Reserve 2015 243.2 Lottery Proceeds Fund 4.8 Water Supply Assistance Grant Fund 8.0
Total Reserved Fund Balance 943.5
Commitments and Assignments:
Reapp. 2014 Unexpended Bal. for Cap Outlay 21.7 Central Capital Planning Fund 11.0 Communication Sales and Use Tax 38.9 Natural Disaster Sum Sufficient 33.3Natural Disaster Sum Sufficient 33.3 Amt. Required for Mandatory Reapp. 57.4 Federal Action Contigency Trust Fund 4.4 Select NGF Balances 239.1
Total Committed and Assigned Fund Balance 405.8
Total Fund Equity 1,349.3
$Total Liabilities and Fund Balance $ 1,355.4
17
The Governor Ordered The Secretary Of Finance In Mid-May To Conduct A R f t Of RReforecast Of Revenues…
• The August 2014 interim revenue forecast is based on the updated economic outlook for Virginia as approved by the J i t Ad i B d f E i t (JABE) d thJoint Advisory Board of Economists (JABE) and the Governor’s Advisory Council on Revenue Estimates (GACRE) .
– IHS Economics’ May 2014 standard and pessimisticIHS Economics May 2014 standard and pessimistic forecasts for the U.S. and the associated outlook for Virginia were presented to the JABE.
– The majority of the Board considered the standard f t f Vi i i t hi h ith t bforecast for Virginia too high, with two members recommending a lower growth alternative and six supporting the standard forecast with downward revisions.
– Based on JABE members’ comments, the May pessimistic forecast for Virginia employment and wages & salaries was a bit too conservative and the recommendation was for a pessimistic scenario.
– The May JABE and standard alternative forecasts were presented to the Governor’s Advisory Council on Revenue Estimates (GACRE) on August 1, 2014.
18
In the JABE Pessimistic Forecast, Virginia Will Continue to Underperform the National EEconomy…
• Employment and income growth are not expected to approach modestly stronger rates until FY16, FY15 is f t t i bd dforecast to remain subdued.
Key Virginia Economic IndicatorsOfficial and JABE Pessimistic Forecast
A l P t ChAnnual Percent Change
11 12 13 14 15 16
Employment
Official (Budget) 1.1 1.2 1.3 1.0 1.5 1.7
JABE Pessimistic 0.4 0.7 1.4
Personal Income
Official (Budget) 5.1 4.7 3.0 2.9 4.3 4.4
JABE Pessimistic 1.6 3.7 3.8
Wages & Salaries
Official (Budget) 3.4 2.7 3.0 2.6 4.0 4.2
JABE Pessimistic 1.1 3.2 3.6
Average Wage
Official (Budget) 2.3 1.5 1.7 1.6 2.5 2.5
19
( g )
JABE Pessimistic 0.8 2.5 2.1
The August Interim Revenue Forecast Incorporates The Recommendations From Th GACRE M tiThe GACRE Meeting…
• Based on GACRE comments:
– Payroll withholding was reduced $65.0 million in FY15 and $105.0 million in FY16.
• The August Interim revenue forecast is a blend of the standard outlook and the pessimistic outlook leaning morestandard outlook and the pessimistic outlook, leaning more towards the pessimistic.
20
In the August Interim Revenue Forecast, Total General Fund Revenues Have Been R d d b $2 0 Billi f FY15 16Reduced by $2.0 Billion for FY15-16…
(Dollars in Millions)The Official to Interim General Fund Forecast for Fiscal Year 2015
August 15, 2014
Major Sources Official Change
Withholding 60.1% $11,025.6 $10,770.3 ($255.3) 4.5 % 2.7
Nonwithholding 17.5 3,209.3 2,685.2 (524.1) 9.7 6.3
Refunds (10 3) (1 885 0) (1 819 0) 66 0 4 3 3 6
Fiscal Year 2015% Growth Over FY 14
Interim Official InterimAs a % of Total General Fund
Refunds (10.3) (1,885.0) (1,819.0) 66.0 4.3 3.6
Net Individual 67.3% $12,349.8 $11,636.5 ($713.3) 5.8 % 3.4 %
Sales 17.5% $3,211.4 $3,152.5 ($58.9) 4.3 % 2.8 %
Corporate 4.5 816.6 738.9 (77.7) 6.1 (2.5)
Wills (Recordation) 2.1 377.5 314.5 (63.0) 0.0 1.2
Insurance 1.6 290.9 344.4 53.5 0.5 7.5
All Other Revenue 3.7 675.6 675.6 0.0 1.7 (3.9)
Total Revenue 96.6% $17,721.9 $16,862.4 ($859.5) 5.2 % 2.7 %
21
In the August Interim Revenue Forecast, Total General Fund Revenues Have Been R d d b $2 0 Billi f FY15 16Reduced by $2.0 Billion for FY15-16…
(Dollars in Millions)The Official to Interim General Fund Forecast for Fiscal Year 2016
August 15, 2014
Major Sources Official Interim Change Official Interim Change
Withholding $11,504.6 $11,100.5 ($404.1) 4.3 % 3.1 % $22,530.1 $21,870.8 ($659.3)
Nonwithholding 3,401.6 2,747.3 (654.3) 6.0 2.3 6,610.9 5,432.5 (1,178.4)
Refunds (1,965.0) (1,884.5) 80.5 4.2 3.6 (3,850.0) (3,703.5) 146.5
Net Individual $12,941.2 $11,963.3 ($977.9) 4.8 2.8 $25,291.0 $23,599.8 ($1,691.2)
Fiscal Year 2016 2014-2016 Biennium% Growth Over FY15
Official Interim
Net Individual $12,941.2 $11,963.3 ($977.9) 4.8 2.8 $25,291.0 $23,599.8 ($1,691.2)
Sales $3,303.5 $3,265.5 ($38.0) 2.9 3.6 $6,515.0 $6,418.0 ($97.0)
Corporate 827.7 744.2 (83.5) 1.4 0.7 1,644.3 1,483.1 (161.2)
Wills (Recordation) 377.5 314.5 (63.0) 0.0 0.0 755.0 629.0 (126.0)
Insurance 303.1 330.2 27.1 4.2 (4.1) 594.1 674.6 80.6
All Other Revenue 695.6 695.6 0.0 3.0 3.0 1,371.2 1,371.2 0.0
Total Revenue $18,448.6 $17,313.3 ($1,135.3) 4.1 % 2.7 % $36,170.5 $34,175.7 ($1,994.8)
22
Effect of Revenue Shortfall and Interim Revenue Forecast for 2015-2016 Biennium on Budget...
General Fund$ in Millions$ in Millions
FY2015 FY2016 Total
Official Budget Revenue Estimates $17 721 9 $18 448 6 $36 170 5Official Budget Revenue Estimates $17,721.9 $18,448.6 $36,170.5
Interim Revenue Reforecast 8/15 16,862.4 17,313.3 34,175.7
Difference (859.5) (1,135.3) (1,994.8)
Revenue Shortfall FY2014 (437.8) 0.0 (437.8)
Total Shortfall (1,297.3) (1,135.3) (2,432.6)
Appropriated Reserves 481.8 364.3 846.1
Revenue Stabilization Fund Withdrawals 470.0 235.0 705.0
Total Corrective Actions 951.8 599.3 1,551.1
Remaining Shortfall ($345 5) ($536 0) ($881 5)Remaining Shortfall ($345.5) ($536.0) ($881.5)
23
Assumed Withdrawals from the Revenue Stabilization Fund to Address the Budget Sh tf ll Will C th Si f th F d tShortfall Will Cause the Size of the Fund to Decline Between the End of FY2014 and FY2016…
Revenue Stabilization Fund – June 30 BalanceFY1995-2013 Actual and FY2014-2016 Forecast
(millions of dollars)
• A mandatory deposit of $243.2 million in fiscal year 2015 is
24
A mandatory deposit of $243.2 million in fiscal year 2015 is required. The withdrawals in fiscal years 2015 and 2016 are assumed to be $470.0 and $235.0 million, respectively.
July 2014 General Fund Revenue Collections Increased 14.1 percent Due to pTiming Issues...
Summary of July FY15 Revenue CollectionsPercent Growth over Prior Year
As a %of Total YTD Annual
Major Source Revenues Actual Estimate Variance
Withholding 62.2 % 8.9 % 5.2 % 3.7 %Nonwithholding 18 1 85 4 27 1 58 3
Percent Growth over Prior Year
Nonwithholding 18.1 85.4 27.1 58.3Refunds (10.6) (15.7) 7.4 (23.1) Net Individual 69.7 14.5 9.7 4.8
Sales 18.1 6.4 4.7 1.7Corporate 4.6 740.2 7.8 732.4Wills (Recordation) 2.1 (12.2) 21.5 (33.7)Insurance 1.6 n/a (9.2) n/aAll Other Revenue 3.8 12.2 (3.9) 16.1
Total 100.0 % 14.1 % 8.0 % 6.1 %
• Withholding collections had one additional deposit day this
Sales (x HB2313 & AST) (2.3) % 5.5 % (7.8) %
Total (x HB2313 & AST) 11.9 % 8.2 % 3.7 %
• Withholding collections had one additional deposit day this year.
• Timing delays postponed the collection of some nonwithholdingpayments and pushed them into July receipts.
• A year-ago, a large corporate income tax refund occurred.
25
The August Revenue Reforecast Will Be Addressed By Budget Reductions And F th R i d B f D bFurther Reviewed Before December…
• Budget actions will be identified and implemented to address the reduction in the fiscal year’s 2015 and 2016 forecast.
– Prepare and review of agency-developed reduction plans.
– Implement agency budget reductions to address the shortfall in the current fiscal yearshortfall in the current fiscal year.
– Make recommendations in the 2015 amended budget bill for additional items that require General Assembly approval.
• Significant revenue elements used in the fall forecasting process will be available over the next few months and will be incorporated in the fall forecasting process.
– September – individual, corporate, and insurance estimated payments due.
– October – Retailer corporate estimated payments due.p p y• Review economic projections (JABE).
– November – corporate refunds from extension returns normally peak.
• Review of revenue forecast for fiscal years 2015, 2016, 2017, and 2018 (GACRE).
26
Appendix
Fiscal Year 2014 General Fund Collections: Actual and Official Forecast
Official and Interim General Fund Forecast for Fiscal Years 2015 and 2016
Official and August Update - Commonwealth Transportation Fund Forecast for Fiscal Years 2015 and 2016
Growth in Total General Fund Revenues, Fiscal Years 1961 to 2016
June 2014 Revenue Report
July 2014 Revenue Report
Note:Note:
The General Fund Preliminary Annual Report, August 15, 2014 is available at the Department of Accounts web site (www.doa.virginia.gov).
This presentation is available at the Secretary of Finance web site (www.finance.virginia.gov).
27
MAJOR TAX SOURCES
Corporate Income $ 796.7 (7.3) % $ 769.9 $ 757.5 $ (12.4) (1.6) % (3.4) % (4.9) %
Individual Income Tax:
Gross 13,059.0 5.3 13,476.2 13,009.2 (467.0) (3.5) 3.2 (0.4)
Withholding 10,251.3 2.1 10,550.2 10,484.2 (66.0) (0.6) 2.9 2.3
Nonwithholding 2,807.7 19.1 2,926.0 2,524.9 (401.1) (13.7) 4.2 (10.1)
Refunds (1,719.1) (3.7) (1,807.1) (1,755.8) 51.3 (2.8) 5.1 2.1
Net 11,340.0 6.9 11,669.1 11,253.3 (415.8) (3.6) 2.9 (0.8)
Insurance Company Premiums 262.2 3.7 289.4 320.4 31.0 10.7 10.4 22.2
State Sales & Use Tax 3,219.8 3.1 3,079.4 3,066.5 (12.9) (0.4) (4.4) (4.8)
Wills, Suits, Deeds, & Contract Fees 377.5 17.2 377.5 310.8 (66.7) (17.7) 0.0 (17.7)
Total Major Tax Sources $ 15,996.2 5.5 % $ 16,185.3 $ 15,708.5 $ (476.8) (2.9) % 1.2 % (1.8) %
MISCELLANEOUS TAXES AND OTHER REVENUES
Alcoholic Beverage State Tax $ 152.9 6.6 % $ 154.5 $ 157.4 $ 2.9 1.9 % 1.1 % 3.0 %
Bank Franchise Tax 20.4 8.3 20.0 22.5 2.5 12.7 (2.2) 10.3
Beer & Beverage Excise Tax 42.3 (1.6) 42.3 41.8 (0.5) (1.1) (0.0) (1.2)
Corporate Franchise & Charter Fees 47.1 11.3 47.9 50.2 2.3 4.8 1.7 6.6
Excess & Other Fees from Officers (10.8) (24.6) (9.4) (7.1) 2.3 (24.2) 13.0 34.0
Estate & Gifts (0.3) (189.9) 0.0 0.2 0.2 n/a (100.0) (173.1)
Institutional Revenues 5.7 (2.5) 5.6 5.6 0.0 0.8 (1.7) (0.9)
Interest & Rents 67.8 (12.5) 50.3 74.4 24.1 47.9 (25.9) 9.7
Licenses & Permits 4.2 (1.6) 4.3 4.0 (0.3) (6.3) 3.0 (3.4)
Miscellaneous Taxes and Penalties 224.2 0.4 218.4 222.3 3.9 1.8 (2.6) (0.8)
Other Miscellaneous Revenues 38.7 17.9 32.5 33.3 0.8 2.5 (15.9) (13.8)
Public Service GR / Consumption Tax 96.2 1.9 97.7 98.2 0.5 0.5 1.5 2.0
Total Misc. Taxes and Other Revenues $ 688.4 1.6 % $ 664.1 $ 702.9 $ 38.8 5.8 % (3.5) % 2.1 %
TOTAL GF REVENUES $ 16,684.6 5.3 % $ 16,849.4 $ 16,411.4 $ (438.0) (2.6) % 1.0 % (1.6) %
TRANSFERS
A.B.C. Profits $ 68.0 6.6 % $ 71.6 $ 72.2 $ 0.6 0.8 % 5.3 % 6.2 %
Sales Tax (0.25%) 221.4 3.4 334.7 334.0 (0.7) (0.2) 51.2 50.9
Transfers Per Appropriations Act 135.2 (18.5) 131.2 131.5 0.3 0.2 (3.0) (2.7)
Total Transfers $ 424.6 (15.3) % $ 537.5 $ 537.7 $ 0.2 0.0 % 26.6 % 26.6 %
TOTAL GENERAL FUND $ 17,109.2 4.7 % $ 17,386.9 $ 16,949.1 $ (437.8) (2.5) % 1.6 % (0.9) %
The Official forecast is based on the November 2013 IHS Global Insight US Standard outlook and the corresponding Virginia economic outlook developed by the Department of Taxation. It includes actions of the 2014 General Assembly - Chapter 1.
% Growth Over FY 13OfficialActual % Growth Forecast Actual Official Actual
Fiscal Year 2013 Fiscal Year 2014
Fiscal Year 2014 General Fund Collections: Actual and Official Forecast(Dollars in Millions)
PercentForecast VarianceDollars
(Dollars in Millions) August 15, 2014
MAJOR TAX SOURCES
Corporate Income $ 816.6 $ 738.9 $ (77.7) 6.1 % (2.5) %
Individual Income Tax:
Gross 14,234.8 13,455.5 (779.3) 5.6 3.4
Withholding 11,025.6 10,770.3 (255.3) 4.5 2.7
Nonwithholding 3,209.3 2,685.2 (524.1) 9.7 6.3
Refunds (1,885.0) (1,819.0) 66.0 4.3 3.6
Net 12,349.8 11,636.5 (713.3) 5.8 3.4
Insurance Company Premiums 290.9 344.4 53.5 0.5 7.5
State Sales & Use Tax 3,211.4 3,152.5 (58.9) 4.3 2.8
Wills, Suits, Deeds, & Contract Fees 377.5 314.5 (63.0) 0.0 1.2
Total Major Tax Sources $ 17,046.3 $ 16,186.8 $ (859.5) 5.3 % 3.0 %
MISCELLANEOUS TAXES AND OTHER REVENUES
Alcoholic Beverage State Tax $ 156.5 $ 156.5 $ 0.0 1.3 % (0.6) %
Bank Franchise Tax 20.0 20.0 0.0 0.0 (11.3)
Beer & Beverage Excise Tax 42.3 42.3 0.0 0.0 1.1
Corporate Franchise & Charter Fees 47.9 47.9 0.0 0.0 (4.6)
Excess & Other Fees from Officers (9.4) (9.4) 0.0 0.0 31.9
Estate & Gifts 0.0 0.0 0.0 n/a n/a
Institutional Revenues 5.6 5.6 0.0 0.0 (0.8)
Interest & Rents 60.4 60.4 0.0 20.1 % (18.8)
Licenses & Permits 4.3 4.3 0.0 0.0 % 6.7
Miscellaneous Taxes and Penalties 218.9 218.9 0.0 0.2 % (1.5)
Other Miscellaneous Revenues 31.4 31.4 0.0 (3.4) % (5.8)
Public Service GR / Consumption Tax 97.7 97.7 0.0 0.0 % (0.5)
Total Misc. Taxes and Other Revenues $ 675.6 $ 675.6 $ 0.0 1.7 % (3.9) %
TOTAL GF REVENUES $ 17,721.9 $ 16,862.4 $ (859.5) 5.2 % 2.7 %
TRANSFERS
A.B.C. Profits $ 74.8 $ 74.8 $ 0.0 4.5 % 3.6 %
Sales Tax (0.25%) 348.9 348.9 0.0 4.2 4.5
Transfers Per Appropriations Act 192.5 192.5 0.0 46.7 46.4
Total Transfers $ 616.2 $ 616.2 $ 0.0 14.6 % 14.6 %
TOTAL GENERAL FUND $ 18,338.1 $ 17,478.6 $ (859.5) 5.5 % 3.1 %
OfficialForecast Forecast Change Official Interim
% Growth Over FY 14
The Official and Interim General Fund Forecast for Fiscal Year 2015
Fiscal Year 2015Interim
The Interim forecast is based on the May 2014 Global Insight Standard Outlook and the corresponding Virginia state forecast and includes the Joint Advisory Board of Economists and Governor's Advisory Council on Revenue Estimates recommendations.The Official forecast is based on the November 2013 Global Insight US Standard outlook and the corresponding Virginia economic outlook developed by the Department of Taxation. It includes actions of the 2014 General Assembly - Chapter 2 of the Special Session.
(Dollars in Millions)
MAJOR TAX SOURCES
Corporate Income $ 827.7 $ 744.2 $ (83.5) 1.4 % 0.7 % $ 1,644.3 $ 1,483.1 $ (161.2)
Individual Income Tax:
Gross 14,906.2 13,847.8 (1,058.4) 4.7 2.9 29,141.0 27,303.3 (1,837.7)
Withholding 11,504.6 11,100.5 (404.1) 4.3 3.1 22,530.1 21,870.8 (659.3)
Nonwithholding 3,401.6 2,747.3 (654.3) 6.0 2.3 6,610.9 5,432.5 (1,178.4)
Refunds (1,965.0) (1,884.5) 80.5 4.2 3.6 (3,850.0) (3,703.5) 146.5
Net 12,941.2 11,963.3 (977.9) 4.8 2.8 25,291.0 23,599.8 (1,691.2)
Insurance Company Premiums 303.1 330.2 27.1 4.2 (4.1) 594.1 674.6 80.6
State Sales & Use Tax 3,303.5 3,265.5 (38.0) 2.9 3.6 6,515.0 6,418.0 (97.0)
Wills, Suits, Deeds, & Contract Fees 377.5 314.5 (63.0) 0.0 0.0 755.0 629.0 (126.0)
Total Major Tax Sources $ 17,753.0 $ 16,617.7 $ (1,135.3) 4.1 % 2.7 % $ 34,799.3 $ 32,804.5 $ (1,994.8)
MISCELLANEOUS TAXES AND OTHER REVENUES
Alcoholic Beverage State Tax $ 159.2 $ 159.2 $ 0.0 1.7 % 1.7 % $ 315.7 $ 315.7 $ 0.0
Bank Franchise Tax 20.0 20.0 0.0 0.0 0.0 40.0 40.0 0.0
Beer & Beverage Excise Tax 42.3 42.3 0.0 0.0 0.0 84.6 84.6 0.0
Corporate Franchise & Charter Fees 47.9 47.9 0.0 0.0 0.0 95.8 95.8 0.0
Excess & Other Fees from Officers (9.4) (9.4) 0.0 0.0 0.0 (18.8) (18.8) 0.0
Estate & Gifts 0.0 0.0 0.0 n/a n/a 0.0 0.0 n/a
Institutional Revenues 5.6 5.6 0.0 0.0 0.0 11.2 11.2 0.0
Interest & Rents 65.4 65.4 0.0 8.3 8.3 125.8 125.8 0.0
Licenses & Permits 4.3 4.3 0.0 0.0 0.0 8.6 8.6 0.0
Miscellaneous Taxes and Penalties 220.3 220.3 0.0 0.6 0.6 439.2 439.2 0.0
Other Miscellaneous Revenues 42.3 42.3 0.0 34.7 34.7 73.7 73.7 0.0
Public Service GR / Consumption Tax 97.7 97.7 0.0 0.0 0.0 195.4 195.4 0.0
Total Misc. Taxes and Other Revenues $ 695.6 $ 695.6 $ 0.0 3.0 % 3.0 % $ 1,371.2 $ 1,371.2 $ 0.0
TOTAL GF REVENUES $ 18,448.6 $ 17,313.3 $ (1,135.3) 4.1 % 2.7 % $ 36,170.5 $ 34,175.7 $ (1,994.8)
TRANSFERS
A.B.C. Profits $ 78.2 $ 78.2 $ 0.0 4.5 % 4.5 % $ 153.0 $ 153.0 $ 0.0
Sales Tax (0.375%) 361.1 361.1 0.0 3.5 3.5 710.0 710.0 0.0
Transfers Per Appropriations Act 84.8 84.8 0.0 (55.9) (55.9) 277.3 277.3 0.0
Total Transfers $ 524.1 $ 524.1 $ 0.0 (14.9) % (14.9) % $ 1,140.3 $ 1,140.3 $ 0.0
TOTAL GENERAL FUND $ 18,972.7 $ 17,837.4 $ (1,135.3) 3.5 % 2.1 % $ 37,310.8 $ 35,316.0 $ (1,994.8)
InterimOfficial Forecast ForecastForecast Forecast Change
Official InterimFiscal Year 2016
The Official to Interim General Fund Forecast for Fiscal Year 2016August 15, 2014
% Growth Over FY 15ChangeInterim
2014-2016 BienniumOfficial
The Interim forecast is based on the May 2014 Global Insight Standard Outlook and the corresponding Virginia state forecast and includes the Joint Advisory Board of Economists and Governor's Advisory Council on Revenue Estimates recommendations.The Official forecast is based on the November 2013 Global Insight US Standard outlook and the corresponding Virginia economic outlook developed by the Department of Taxation. It includes actions of the 2014 General Assembly - Chapter 2 of the Special Session.
The Official and August Commonwealth Transportation Fund Forecast for Fiscal Year 2015(Dollars in Millions)
August 1, 2014
Fiscal Year 2014 Fiscal Year 2015Official August % Growth over FY 14
Actual % Growth Forecast Forecast Change Official August
Highway Maintenance & Operating Fund
Motor Fuels Tax $ 527.3 (25.6) % $ 573.0 $ 573.0 $ 0.0 8.7 % 8.7 %Road Tax 0.5 (119.2) (0.1) 0.5 0.6 (120.0) *Motor Vehicle Sales And Use Tax 581.2 50.0 653.5 620.7 (32.8) 12.4 6.8Motor Vehicle License Fees 227.6 1.7 232.8 222.3 (10.5) 2.3 (2.3)Retail Sales and Use Tax 191.3 n/a 270.5 267.5 (3.0) 41.4 39.8International Registration Plan 59.6 (3.6) 63.5 62.3 (1.2) 6.5 4.5Recordation Tax (1 cent) 12.5 (18.8) 15.0 12.7 (2.3) 20.0 1.6Miscellaneous 17.3 16.9 16.1 16.1 0.0 (6.9) (6.9)Total State Taxes and Fees $ 1,617.3 14.7 % $ 1,824.3 $ 1,775.1 $ (49.2) 12.8 % 9.8 %
Transportation Trust Fund
Motor Fuels Tax $ 122.4 (2.6) % $ 136.0 $ 136.0 $ 0.0 11.1 % 11.1 %Insurance Premiums Tax (1/3) 130.8 0.5 140.1 150.4 10.3 7.1 15.0Road Tax 8.0 3.9 7.8 7.7 (0.1) (2.5) (3.8)Motor Vehicle Sales And Use Tax 207.4 2.8 222.1 214.4 (7.7) 7.1 3.4Motor Vehicle License Fees 21.7 0.0 22.4 21.9 (0.5) 3.2 0.9Retail Sales and Use Tax 631.3 21.1 666.1 660.7 (5.4) 5.5 4.7Recordation Tax (2 cents) 24.9 (19.4) 30.5 25.2 (5.3) 22.5 1.2Interest Earnings 7.2 (22.6) 10.5 10.0 (0.5) 45.8 38.9Rental Tax 33.3 (0.3) 34.0 33.1 (0.9) 2.1 (0.6)Aviation Fuels Tax 2.0 11.1 2.0 2.0 0.0 0.0 0.0Total State Taxes and Fees $ 1,189.0 9.7 % $ 1,271.5 $ 1,261.4 $ (10.1) 6.9 % 6.1 %
Total HMOF And TTF
Motor Fuels Tax $ 649.7 (22.2) % $ 709.0 $ 709.0 $ 0.0 9.1 % 9.1 %Insurance Premiums Tax (1/3) 130.8 0.5 140.1 150.4 10.3 7.1 15.0Road Tax 8.5 66.7 7.7 8.2 0.5 (9.4) (3.5)Motor Vehicle Sales and Use Tax 788.6 33.8 875.6 835.1 (40.5) 11.0 5.9Motor Vehicle License Fees 249.3 1.5 255.2 244.2 (11.0) 2.4 (2.0)International Registration Plan 59.6 (3.6) 63.5 62.3 (1.2) 6.5 4.5Retail Sales and Use Tax 822.6 57.8 936.6 928.2 (8.4) 13.9 12.8Recordation Tax (3 cents) 37.4 (19.2) 45.5 37.9 (7.6) 21.7 1.3Interest Earnings 7.2 (22.6) 10.5 10.0 (0.5) 45.8 38.9Rental Tax 33.3 (0.3) 34.0 33.1 (0.9) 2.1 (0.6)Aviation Fuels Tax 2.0 11.1 2.0 2.0 0.0 0.0 0.0Miscellaneous 17.3 16.9 16.1 16.1 0.0 (6.9) (6.9)
Total State Taxes and Fees $ 2,806.3 12.5 % $ 3,095.8 $ 3,036.5 $ (59.3) 10.3 % 8.2 %
Transfers per the Appropriations ActRetail Sales Tax - AST (TTF) 21.7 3.8 18.8 23.3 4.5 (13.4) 7.4Total Transfers $ 21.7 3.8 $ 18.8 $ 23.3 $ 4.5 (13.4) 7.4 %
Total Transportation Fund $ 2,828.0 12.5 $ 3,114.6 $ 3,059.8 $ (54.8) 10.1 % 8.2 %
The Official forecast is based on the November 2013 Global Insight Standard outlook and the corresponding Virginia state forecast developed by the Department of Taxation.The August forecast is based on the JABE Pessimistic outlook and the corresponding Virginia state forecast developed by the Department of Taxation for retail sales and recordation taxes. Other sources are updates based on FY14 actuals.This forecast assumes that federal legislation implementing the Marketplace Fairness Act (MFA) is not passed through the forecast horizon.
Therefore, this forecast does not includes revenues attributable to the MFA. In addition, according to provisions of HB2313 (2013), if federallegislation implementing the MFA is not passed, the motor fuels sales tax rate on gasoline increases by 1.6% on Janaury 1, 2015 and the incremental sales tax commitment remains at the fiscal year 2015 rate of 0.1%.
The Official and August Commonwealth Transportation Fund Forecast for Fiscal Year 2016(Dollars in Millions)
August 1, 2014
Fiscal Year 2016Official August % Growth over FY 15
Forecast Forecast Change Official August
Highway Maintenance & Operating Fund
Motor Fuels Tax $ 672.4 $ 672.4 $ 0.0 17.3 % 17.3 %Road Tax (0.3) 0.5 0.8 200.0 *Motor Vehicle Sales And Use Tax 675.7 660.4 (15.3) 3.4 6.4Motor Vehicle License Fees 234.6 225.5 (9.1) 0.8 1.4Retail Sales and Use Tax 279.9 276.3 (3.6) 3.5 3.3International Registration Plan 62.7 63.5 0.8 (1.3) 1.9Recordation Tax (1 cent) 15.0 12.7 (2.3) 0.0 0.0Miscellaneous 16.1 16.1 0.0 0.0 0.0Total State Taxes and Fees (HMOF) $ 1,956.1 $ 1,927.4 $ (28.7) 7.2 % 8.6 %
Transportation Trust Fund
Motor Fuels Tax $ 159.6 $ 159.6 $ 0.0 17.4 % 17.4 %Insurance Premiums Tax (1/3) 143.7 157.4 13.7 2.6 4.7Road Tax 8.1 7.8 (0.3) 3.8 1.3Motor Vehicle Sales And Use Tax 225.9 222.1 (3.8) 1.7 3.6Motor Vehicle License Fees 22.5 22.4 (0.1) 0.4 2.3Retail Sales and Use Tax 685.5 675.5 (10.0) 2.9 2.2Recordation Tax (2 cents) 30.5 25.2 (5.3) 0.0 0.0Interest Earnings 10.9 10.0 (0.9) 3.8 0.0Rental Tax 35.1 34.0 (1.1) 3.2 2.7Aviation Fuels Tax 2.1 2.0 (0.1) 5.0 0.0Total State Taxes and Fees (TTF) $ 1,323.9 $ 1,316.0 $ (7.9) 4.1 % 4.3 %
Total HMOF And TTF
Motor Fuels Tax $ 832.0 $ 832.0 $ 0.0 17.3 % 17.3 %Insurance Premiums Tax (1/3) 143.7 157.4 13.7 2.6 4.7Road Tax 7.8 8.3 0.5 1.3 1.2Motor Vehicle Sales and Use Tax 901.6 882.5 (19.1) 3.0 5.7Motor Vehicle License Fees 257.1 247.9 (9.2) 0.7 1.5International Registration Plan 62.7 63.5 0.8 (1.3) 1.9Retail Sales and Use Tax 965.4 951.8 (13.6) 3.1 2.5Recordation Tax (3 cents) 45.5 37.9 (7.6) 0.0 0.0Interest Earnings 10.9 10.0 (0.9) 3.8 0.0Rental Tax 35.1 34.0 (1.1) 3.2 2.7Aviation Fuels Tax 2.1 2.0 (0.1) 5.0 0.0Miscellaneous 16.1 16.1 0.0 0.0 0.0
Total State Taxes and Fees $ 3,280.0 $ 3,243.4 $ (36.6) 5.9 % 6.8 %
Transfers per the Appropriations ActRetail Sales Tax - AST (TTF) 16.2 24.1 7.9 (13.8) 3.4Total Transfers $ 16.2 $ 24.1 $ 7.9 (13.8) % 3.4 %
Total Transportation Fund $ 3,296.2 $ 3,267.5 $ (28.7) 5.8 % 6.8 %
The Official forecast is based on the November 2013 Global Insight Standard outlook and the corresponding Virginia state forecast developed by the Department of Taxation.The August forecast is based on the JABE Pessimistic outlook and the corresponding Virginia state forecast developed by the Department of Taxation for retail sales and recordation taxes. Other sources are updates based on FY14 actuals.This forecast assumes that federal legislation implementing the Marketplace Fairness Act (MFA) is not passed through the forecast horizon.
Therefore, this forecast does not includes revenues attributable to the MFA. In addition, according to provisions of HB2313 (2013), if federallegislation implementing the MFA is not passed, the motor fuels sales tax rate on gasoline increases by 1.6% on Janaury 1, 2015 and the incremental sales tax commitment remains at the fiscal year 2015 rate of 0.1%.
Growth in Total General Fund Revenues
Fiscal Year 1961 - Fiscal Year 2016
(Nominal - Actual Dollars)
FY Total Revenues Growth FY Total Revenues Growth
61 230,998,887 - 89 5,478,912,000 8.4%
62 242,144,567 4.8% 90 5,494,884,000 0.3%
63 286,304,265 18.2% 91 5,471,879,000 -0.4%
64 298,033,919 4.1% 92 5,623,213,000 2.8%
65 323,213,412 8.4% 93 6,133,637,000 9.1%
66 365,129,776 13.0% 94 6,503,368,000 6.0%
67 414,755,644 13.6% 95 6,881,145,000 5.8%
68 533,597,744 28.7% 96 7,356,110,000 6.9%
69 706,254,374 32.4% 97 7,949,327,000 8.1%
70 743,721,322 5.3% 98 8,773,520,000 10.4%
71 807,954,651 8.6% 99 9,702,747,000 10.6%
72 922,653,686 14.2% 00 10,788,482,000 11.2%
73 1,054,469,443 14.3% 01 11,105,275,000 2.9%
74 1,168,562,871 10.8% 02 10,678,954,000 -3.8%
75 1,303,178,893 11.5% 03 10,867,149,000 1.8%
76 1,428,421,157 9.6% 04 11,917,867,000 9.7%
77 1,636,301,819 14.6% 05 13,687,252,000 14.8%
78 1,923,085,084 17.5% 06 14,834,298,000 8.4%
79 2,115,211,522 10.0% 07 15,565,827,000 4.9%
80 2,344,928,934 10.9% 08 15,766,951,000 1.3%
81 2,579,663,941 10.0% 09 14,315,060,000 -9.2%
82 2,796,458,741 8.4% 10 14,219,477,000 -0.7%
83 2,975,687,935 6.4% 11 15,040,200,000 5.8%
84 3,397,710,261 14.2% 12 15,846,665,000 5.4%
85 3,790,816,000 11.6% 13 16,684,600,000 5.3%
86 4,131,778,000 9.0% 14 16,411,415,000 -1.6%
87 4,590,434,000 11.1% 15* 16,862,400,000 2.7%
88 5,054,382,000 10.1% 16* 17,313,300,000 2.7%
* August 15, 2014 Interim Forecast (Excludes Transfers)
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1$
1,0
61
,40
7(2
.0)
$1
1,2
53
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8$
11
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9,9
65
(0.8
)2
.9
Sa
les
an
d U
se
Ta
x
$3
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9,4
00
18
.27
$4
05
,57
9$
43
3,2
44
(6.4
)$
3,0
66
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6$
3,2
19
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8(4
.8)
(4.4
)
Co
rpo
rati
on
s In
co
me
Ta
x
76
9,9
00
4.5
61
69
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31
78
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5(5
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75
7,4
91
79
6,7
28
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Will
s, S
uit
s, D
ee
ds
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ntr
ac
ts
37
7,5
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2.2
43
0,3
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Ins
ura
nc
e P
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ium
s2
89
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01
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8,7
63
96
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2.2
32
0,4
21
26
2,2
42
22
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Inte
res
t In
co
me
(a
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0,0
00
0.3
04
36
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6)
18
4.5
74
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7,5
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Alc
oh
olic
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vera
ge
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les
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) 1
96
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01
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39
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03
8,2
26
2.1
19
9,2
26
19
5,1
92
2.1
0.8
All
Oth
er
Re
ven
ue
s
41
7,3
00
2.4
89
1,6
94
82
,10
51
1.7
42
9,6
24
42
5,7
21
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)
T
ota
l Ge
ne
ral F
un
d R
eve
nu
es
$
16
,84
9,4
00
10
0.0
0$
1,8
84
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1$
1,9
26
,93
6(2
.2)
$1
6,4
11
,41
5$
16
,68
4,6
10
(1.6
)1
.0
# P
erc
en
tag
e is
gre
ate
r th
an
or
eq
ua
l to
1,0
00
%.
- 1
-
Co
mm
on
we
alt
h o
f V
irg
inia
/De
pa
rtm
en
t o
f A
cc
ou
nts
Su
mm
ary
Re
po
rt o
n G
en
era
l Fu
nd
Re
ven
ue
Co
llec
tio
ns
Fo
r th
e F
isc
al Y
ea
rs 2
01
3 a
nd
20
14
(Do
llars
in T
ho
us
an
ds
)
(b)
Inc
lud
es
Be
er
an
d B
eve
rag
e E
xc
ise
Ta
x a
nd
Alc
oh
olic
Be
vera
ge
Sta
te T
ax
.
Ju
ne
Ye
ar-
To
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te
(a)
Inte
res
t w
as
allo
ca
ted
in a
cc
ord
an
ce
wit
h S
ec
tio
n 3
-3.0
3 o
f C
ha
pte
r 1
, 20
14
Vir
gin
ia A
cts
of
As
se
mb
ly.
FY
20
14
Re
vis
ed
Es
tim
ate
Pe
r C
ha
pte
r 1
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
As
a %
%
An
nu
al
FY
20
14
of
To
tal
%%
Gro
wth
Re
ven
ue
Es
tim
ate
Ge
n F
un
d R
ev
FY
20
14
FY
20
13
Ch
an
ge
FY
20
14
FY
20
13
Ch
an
ge
Re
q B
y E
st
Ta
xe
s:
In
div
idu
al I
nc
om
e T
ax
- W
ith
ho
ldin
g
$1
0,5
50
,20
06
2.6
1$
84
8,4
39
$8
47
,80
20
.1$
10
,48
4,2
14
$1
0,2
51
,32
52
.32
.9
Ta
x D
ue
s/E
sti
ma
ted
Pa
yme
nts
2
,92
6,0
00
17
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25
8,5
38
28
1,0
05
(8.0
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4,9
42
2,8
07
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1(1
0.1
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G
ros
s In
div
idu
al I
nc
om
e T
ax
$
13
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6,2
00
79
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$1
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6,9
77
$1
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8,8
07
(1.9
)$
13
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9,1
56
$1
3,0
59
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6(0
.4)
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In
div
id a
nd
Fid
uc
Inc
om
e (
Re
fun
ds
) (1
,80
7,1
00
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0.7
2)
(67
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6)
(67
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0)
(0.4
)(1
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5,8
08
)(1
,71
9,0
51
)2
.15
.1
N
et
Ind
ivid
ua
l In
co
me
Ta
x
$1
1,6
69
,10
06
9.2
6$
1,0
39
,86
1$
1,0
61
,40
7(2
.0)
$1
1,2
53
,34
8$
11
,33
9,9
65
(0.8
)2
.9
Sa
les
an
d U
se
Ta
x
3,0
79
,40
01
8.2
74
05
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94
33
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4(6
.4)
3,0
66
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63
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9,7
98
(4.8
)(4
.4)
Co
rpo
rati
on
s In
co
me
7
69
,90
04
.56
16
9,0
33
17
8,3
75
(5.2
)7
57
,49
17
96
,72
8(4
.9)
(3.4
)
Pu
blic
Se
rvic
e C
orp
ora
tio
ns
97
,70
00
.58
13
,21
78
,99
74
6.9
98
,15
69
6,2
22
2.0
1.5
In
su
ran
ce
Pre
miu
ms
28
9,4
00
1.7
21
08
,76
39
6,9
78
12
.23
20
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12
62
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22
2.2
10
.4
Alc
oh
olic
Be
vera
ge
Ex
cis
e1
54
,50
00
.92
35
,10
03
4,1
00
2.9
15
7,4
06
15
2,8
79
3.0
1.1
Be
er
an
d B
eve
rag
e E
xc
ise
42
,30
00
.25
3,9
20
4,1
26
(5.0
)4
1,8
20
42
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3(1
.2)
0.0
Will
s, S
uit
s, D
ee
ds
, Co
ntr
ac
ts
37
7,5
00
2.2
43
0,3
45
37
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7(1
8.2
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10
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33
77
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1(1
7.7
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In
he
rita
nc
e, G
ift,
an
d E
sta
te0
0.0
05
52
71
03
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96
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8)
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10
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nk
Fra
nc
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e2
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21
4,3
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22
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0,4
43
10
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Oth
er
Ta
xe
s
(70
0)
0.0
01
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61
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15
6.6
6,4
74
(52
5)
#(3
3.3
)
T
ota
l Ta
xe
s
$1
6,4
99
,10
09
7.9
2$
1,8
21
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3$
1,8
69
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4(2
.6)
$1
6,0
35
,07
0$
16
,30
7,2
58
(1.7
)1
.2
Rig
hts
an
d P
rivi
leg
es
:
Lic
en
se
s a
nd
Pe
rmit
s$
4,3
00
0.0
3$
40
0$
44
9(1
0.9
)$
4,0
31
$4
,17
4(3
.4)
3.0
Co
rp. F
ran
ch
ise
an
d C
ha
rte
rs4
7,9
00
0.2
83
3,1
05
30
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77
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0,2
23
47
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46
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.7
Fe
es
fo
r M
isc
. Pri
vile
ge
s &
Se
rvic
es
10
,80
00
.06
1,6
65
1,8
05
(7.8
)1
1,2
89
10
,89
03
.7(0
.8)
T
ota
l Rig
hts
an
d P
rivi
leg
es
$6
3,0
00
0.3
7$
35
,17
0$
32
,97
16
.7$
65
,54
3$
62
,15
85
.41
.4
Oth
er
Re
ven
ue
s:
Sa
les
of
Pro
pe
rty
& C
om
mo
dit
ies
$1
00
0.0
0$
15
6$
56
17
8.6
$2
,83
9$
56
#7
8.6
As
se
ss
mts
& R
cp
ts f
or
Su
pp
ort
of
Sp
ec
ial S
vcs
40
00
.00
19
10
90
.04
48
32
53
7.8
23
.1
In
sti
tuti
on
al R
eve
nu
e5
,60
00
.03
37
33
12
19
.65
,64
35
,69
6(0
.9)
(1.7
)
In
tere
st
(a)
50
,00
00
.30
43
6(5
16
)1
84
.57
4,0
86
67
,50
39
.8(2
5.9
)
Div
ide
nd
s a
nd
Re
nt
30
00
.00
12
53
(77
.4)
31
53
43
(8.2
)(1
2.5
)
Fin
es
, Fo
rfe
itu
res
& F
ee
s
21
9,1
00
1.3
01
8,3
79
18
,29
90
.42
15
,85
52
24
,68
4(3
.9)
(2.5
)
Oth
er
Re
ven
ue
1
3,4
00
0.0
87
,91
16
,06
13
0.5
10
,45
21
9,4
55
(46
.3)
(31
.1)
Ex
ce
ss
Fe
es
(9,4
00
)(0
.06
)(4
79
)(9
95
)5
1.9
(7,1
27
)(1
0,7
99
)3
4.0
13
.0
Pri
vate
Do
na
tio
ns
, Gif
ts &
Co
nt.
00
.00
20
-5
14
00
.0(1
00
.0)
Cit
ies
, Co
un
tie
s, a
nd
To
wn
s7
,80
00
.06
75
97
31
3.8
8,2
86
7,9
30
4.5
(1.6
)
T
ota
l Oth
er
Re
ven
ue
s
$2
87
,30
01
.71
$2
7,5
68
$2
4,0
11
14
.8$
31
0,8
02
$3
15
,19
4(1
.4)
(8.8
)
T
ota
l Ge
ne
ral F
un
d R
eve
nu
es
$1
6,8
49
,40
01
00
.00
$1
,88
4,7
31
$1
,92
6,9
36
(2.2
)$
16
,41
1,4
15
$1
6,6
84
,61
0(1
.6)
1.0
# P
erc
en
tag
e is
gre
ate
r th
an
or
eq
ua
l to
1,0
00
%.
- 2
-
(a)
Inte
res
t w
as
allo
ca
ted
in a
cc
ord
an
ce
wit
h S
ec
tio
n 3
-3.0
3 o
f C
ha
pte
r 1
, 20
14
Vir
gin
ia A
cts
of
As
se
mb
ly.
Co
mm
on
we
alt
h o
f V
irg
inia
/De
pa
rtm
en
t o
f A
cc
ou
nts
Ge
ne
ral F
un
d S
tate
me
nt
of
Re
ven
ue
Co
llec
tio
ns
an
d E
sti
ma
tes
Fo
r th
e F
isc
al Y
ea
rs 2
01
3 a
nd
20
14
(Do
llars
in T
ho
us
an
ds
)
Ju
ne
Ye
ar-
To
-Da
te
% A
nn
ual
Gro
wth
FY
201
4%
%R
equ
ired
Est
imat
e(a
)F
Y 2
014
(b)
FY
201
3C
han
ge
FY
201
4(b
)F
Y 2
013
Ch
ang
eB
y E
stim
ate
Lotte
ry C
olle
ctio
ns
Tot
al L
otte
ry S
ales
$1,7
44,2
00$1
49,1
70$1
38,5
757.
6$1
,810
,821
$1,6
89,2
997.
23.
3O
ther
Inco
me
1,50
019
85(7
7.6)
1,46
41,
522
(3.8
)(5
.5)
Tot
al In
com
e$1
,745
,700
$149
,189
$138
,660
7.6
$1,8
12,2
85$1
,690
,821
7.2
3.2
Less
:
Pri
ze E
xpen
ses
$1,0
44,1
58$1
19,2
76$1
16,3
522.
5$1
,110
,521
$1,0
47,3
246.
01.
9
Ret
aile
r C
omm
issi
ons
99,3
628,
231
7,60
48.
210
1,52
494
,900
7.0
4.6
O
pera
ting
Exp
ense
s91
,679
10,4
768,
085
29.6
89,7
3984
,268
6.5
8.9
T
otal
Exp
ense
s$1
,235
,199
$137
,983
$132
,041
4.5
$1,3
01,7
84$1
,226
,492
6.1
2.6
Net
Pro
ceed
s fr
om O
pera
tions
N
et L
otte
ry T
icke
t Pro
fits
$510
,501
$11,
206
$6,6
1969
.3$5
10,5
01$4
64,3
299.
99.
9
Pri
or Y
ear
Res
idua
l Pro
fit T
rans
fer
22,1
990
0-
22,1
9922
,971
(3.4
)-
Ava
ilabl
e to
Lot
tery
Pro
ceed
s F
und
$532
,700
$11,
206
$6,6
1969
.3$5
32,7
00$4
87,3
009.
39.
3
(a)
Est
imat
e es
tabl
ishe
d by
Cha
pter
1,
2014
Virg
inia
Act
s of
Ass
embl
y.
Prio
r Y
ear
Res
idua
l Pro
fit T
rans
fer
of $
22,1
99,0
87 w
as m
ade
on
A
ugus
t 20
, 20
13,
and
is in
clud
ed in
the
tot
al r
even
ue e
stim
ate.
(b)
Am
ount
s re
port
ed a
re a
ccru
al-b
ased
est
imat
es (
unau
dite
d cl
osin
g).
- 3
-
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f L
ott
ery
Su
mm
ary
Rep
ort
on
Lo
tter
y C
olle
ctio
ns
Fo
r th
e F
isca
l Yea
rs 2
013
and
201
4(D
olla
rs in
Th
ou
san
ds)
Jun
eY
ear-
To
-Dat
e
% A
nn
ua
l
As
a %
Gro
wth
FY
20
14
of
To
tal
%%
Re
qu
ire
d
Re
ven
ue
Es
tim
ate
Fu
nd
FY
20
14
FY
20
13
Ch
an
ge
FY
20
14
FY
20
13
Ch
an
ge
By
Es
tim
ate
Mo
tor
Fu
el T
ax
es
(b
)$
60
7,5
00
15
.24
$1
08
,37
6$
13
2,2
35
(18
.0)
$6
60
,25
6$
84
1,7
89
(21
.6)
(27
.8)
Pri
ori
ty T
ran
sp
ort
ati
on
Fu
nd
(P
TF
) (b
) 1
30
,80
03
.28
00
-1
30
,76
91
30
,06
40
.50
.6
Mo
tor
Ve
hic
le S
ale
s a
nd
Us
e T
ax
85
9,2
00
21
.55
77
,90
15
5,0
58
41
.58
21
,93
76
22
,74
93
2.0
38
.0
Sta
te S
ale
s a
nd
Us
e T
ax
(a
)8
37
,80
02
1.0
17
7,7
29
46
,37
36
7.6
82
2,5
60
52
1,1
80
57
.86
0.8
Mo
tor
Ve
hic
le L
ice
ns
e F
ee
s2
50
,70
06
.29
22
,22
02
1,1
43
5.1
24
9,3
33
24
5,6
11
1.5
2.1
Inte
rna
tio
na
l Re
gis
tra
tio
n P
lan
6
2,3
00
1.5
65
,65
65
,65
50
.05
9,6
47
61
,77
4(3
.4)
0.9
Re
co
rda
tio
n T
ax
4
5,5
00
1.1
53
,61
54
,55
8(2
0.7
)3
7,3
40
46
,33
6(1
9.4
)(1
.8)
Inte
res
t E
arn
ing
s1
3,1
00
0.3
31
,57
61
,80
7(1
2.8
)7
,15
99
,28
4(2
2.9
)4
1.1
Mis
c. T
ax
es
, Fe
es
, an
d R
eve
nu
es
1
6,1
00
0.4
01
,41
59
76
45
.01
7,3
20
14
,81
51
6.9
8.7
T
ota
l Sta
te T
ax
es
an
d F
ee
s
$2
,82
3,0
00
70
.81
$2
98
,48
8$
26
7,8
05
11
.5$
2,8
06
,32
1$
2,4
93
,60
21
2.5
13
.2
# P
erc
en
tag
e is
gre
ate
r th
an
or
eq
ua
l to
1,0
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0
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800
1000
1200
1400
1600
1800
2000
JUL
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FEB
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$ Millions To
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014
$4,4
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78.0
4.96
%$5
,631
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%
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ch$4
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79.4
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$4,2
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▪ Per
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m t
he s
ale
of 2
OT
TI M
orga
n S
tanl
ey A
BS
Cap
ital I
ass
ets
in t
he s
ecur
ities
lend
ing
port
folio
. W
ithou
t th
e re
cove
ry,
the
Pri
mar
y Li
quid
ity Y
ield
was
0.2
5% a
nd t
he
C
ompo
sitio
n R
ate
was
1.8
0%.
-9-
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
tsR
epo
rt o
n t
he
Rev
enu
e S
tab
iliza
tio
n F
un
dF
or
the
Fis
cal Y
ear
2014
Mo
nth
Beg
inn
ing
Bal
ance
Dep
osi
tsW
ith
dra
wal
sIn
tere
st A
lloca
ted
(A
)E
nd
ing
Bal
ance
July
$4
39,9
71,7
65$0
$0$0
$439
,971
,765
Au
gu
st$4
39,9
71,7
65$0
$0$0
$439
,971
,765
Sep
tem
ber
$439
,971
,765
$0$0
$0$4
39,9
71,7
65
Oct
ob
er$4
39,9
71,7
65$0
$0$8
65,7
53$4
40,8
37,5
18
No
vem
ber
$440
,837
,518
$0$0
$0$4
40,8
37,5
18
Dec
emb
er$4
40,8
37,5
18$0
$0$0
$440
,837
,518
Jan
uar
y$4
40,8
37,5
18$0
$0$6
11,7
64$4
41,4
49,2
82
Feb
ruar
y$4
41,4
49,2
82$0
$0$0
$441
,449
,282
Mar
ch$4
41,4
49,2
82$0
$0$0
$441
,449
,282
Ap
ril
$441
,449
,282
$0$0
$758
,424
$442
,207
,706
May
$442
,207
,706
$0$0
$0$4
42,2
07,7
06
Jun
e$4
42,2
07,7
06$2
44,6
45,1
17$0
$677
,281
$687
,530
,104
Not
es:
(A)
Inte
rest
is e
arne
d m
onth
ly b
ut c
redi
ted
to th
e R
even
ue S
tabi
lizat
ion
Fun
d on
a q
uart
erly
bas
is.
-10-
FY
20
15
Es
tim
ate
Pe
r C
ha
pte
r 2
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
% A
nn
ua
l
Gro
wth
FY
20
15
As
a %
of
%%
Re
q B
y
Re
ven
ue
Es
tim
ate
Ge
n F
un
d R
ev
FY
20
15
FY
20
14
Ch
an
ge
FY
20
15
FY
20
14
Ch
an
ge
Es
t
Ind
ivid
ua
l In
co
me
Ta
x:
Wit
hh
old
ing
$
11
,02
5,6
00
62
.21
$9
04
,04
5$
83
0,1
08
8.9
$9
04
,04
5$
83
0,1
08
8.9
5.2
Ta
x D
ue
s/E
sti
ma
ted
Pa
yme
nts
3
,20
9,3
00
18
.11
82
,00
54
4,2
25
85
.48
2,0
05
44
,22
58
5.4
27
.1
G
ros
s In
div
idu
al I
nc
om
e T
ax
$
14
,23
4,9
00
80
.32
$9
86
,05
0$
87
4,3
33
12
.8$
98
6,0
50
$8
74
,33
31
2.8
9.4
In
div
idu
al a
nd
Fid
uc
iary
Inc
om
e
(R
efu
nd
s)
(1,8
85
,00
0)
(10
.63
)(4
1,0
09
)(4
8,6
65
)(1
5.7
)(4
1,0
09
)(4
8,6
65
)(1
5.7
)7
.4
N
et
Ind
ivid
ua
l In
co
me
Ta
x
$1
2,3
49
,90
06
9.6
9$
94
5,0
41
$8
25
,66
81
4.5
$9
45
,04
1$
82
5,6
68
14
.59
.7
Sa
les
an
d U
se
Ta
x
$3
,21
1,4
00
18
.12
$1
69
,81
5$
15
9,5
49
6.4
$1
69
,81
5$
15
9,5
49
6.4
4.7
Co
rpo
rati
on
s In
co
me
Ta
x
81
6,6
00
4.6
12
2,0
29
2,6
22
74
0.2
22
,02
92
,62
27
40
.27
.8
Will
s, S
uit
s, D
ee
ds
, Co
ntr
ac
ts
37
7,5
00
2.1
33
1,4
91
35
,88
0(1
2.2
)3
1,4
91
35
,88
0(1
2.2
)2
1.5
Ins
ura
nc
e P
rem
ium
s2
90
,90
01
.64
00
-0
0-
(9.2
)
Inte
res
t In
co
me
(a
)6
0,1
00
0.3
46
,32
55
,93
76
.56
,32
55
,93
76
.5(1
8.9
)
Alc
oh
olic
Be
vera
ge
Sa
les
(b
) 1
98
,80
01
.12
6,7
96
3,7
06
83
.46
,79
63
,70
68
3.4
(0.2
)
All
Oth
er
Re
ven
ue
s
41
6,7
00
2.3
52
7,4
25
26
,48
93
.52
7,4
25
26
,48
93
.5(3
.0)
T
ota
l Ge
ne
ral F
un
d R
eve
nu
es
$
17
,72
1,9
00
10
0.0
0$
1,2
08
,92
2$
1,0
59
,85
11
4.1
$1
,20
8,9
22
$1
,05
9,8
51
14
.18
.0
# P
erc
en
tag
e is
gre
ate
r th
an
or
eq
ua
l to
1,0
00
%.
- 1
-
Co
mm
on
we
alt
h o
f V
irg
inia
/De
pa
rtm
en
t o
f A
cc
ou
nts
Su
mm
ary
Re
po
rt o
n G
en
era
l Fu
nd
Re
ven
ue
Co
llec
tio
ns
Fo
r th
e F
isc
al Y
ea
rs 2
01
4 a
nd
20
15
(Do
llars
in T
ho
us
an
ds
)
(b)
Inc
lud
es
Be
er
an
d B
eve
rag
e E
xc
ise
Ta
x a
nd
Alc
oh
olic
Be
vera
ge
Sta
te T
ax
.
Ju
lyY
ea
r-T
o-D
ate
(a)
Inte
res
t w
ill b
e a
lloc
ate
d in
ac
co
rda
nc
e w
ith
Se
cti
on
3-3
.03
of
Ch
ap
ter
2, 2
01
4 V
irg
inia
Ac
ts o
f A
ss
em
bly
.
FY
20
15
Es
tim
ate
Pe
r C
ha
pte
r 2
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
As
a %
%
An
nu
al
FY
20
15
of
To
tal
%%
Gro
wth
Re
ven
ue
Es
tim
ate
Ge
n F
un
d R
ev
FY
20
15
FY
20
14
Ch
an
ge
FY
20
15
FY
20
14
Ch
an
ge
Re
q B
y E
st
Ta
xe
s:
In
div
idu
al I
nc
om
e T
ax
- W
ith
ho
ldin
g
$1
1,0
25
,60
06
2.2
1$
90
4,0
45
$8
30
,10
88
.9$
90
4,0
45
$8
30
,10
88
.95
.2
Ta
x D
ue
s/E
sti
ma
ted
Pa
yme
nts
3
,20
9,3
00
18
.11
82
,00
54
4,2
25
85
.48
2,0
05
44
,22
58
5.4
27
.1
G
ros
s In
div
idu
al I
nc
om
e T
ax
$
14
,23
4,9
00
80
.32
$9
86
,05
0$
87
4,3
33
12
.8$
98
6,0
50
$8
74
,33
31
2.8
9.4
In
div
id a
nd
Fid
uc
Inc
om
e (
Re
fun
ds
) (1
,88
5,0
00
)(1
0.6
3)
(41
,00
9)
(48
,66
5)
(15
.7)
(41
,00
9)
(48
,66
5)
(15
.7)
7.4
N
et
Ind
ivid
ua
l In
co
me
Ta
x
$1
2,3
49
,90
06
9.6
9$
94
5,0
41
$8
25
,66
81
4.5
$9
45
,04
1$
82
5,6
68
14
.59
.7
Sa
les
an
d U
se
Ta
x
3,2
11
,40
01
8.1
21
69
,81
51
59
,54
96
.41
69
,81
51
59
,54
96
.44
.7
Co
rpo
rati
on
s In
co
me
8
16
,60
04
.61
22
,02
92
,62
27
40
.22
2,0
29
2,6
22
74
0.2
7.8
Pu
blic
Se
rvic
e C
orp
ora
tio
ns
97
,70
00
.55
6,2
47
6,0
46
3.3
6,2
47
6,0
46
3.3
(0.5
)
In
su
ran
ce
Pre
miu
ms
29
0,9
00
1.6
40
0-
00
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.2)
Alc
oh
olic
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vera
ge
Ex
cis
e1
56
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00
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2,7
22
0-
2,7
22
0-
(0.6
)
Be
er
an
d B
eve
rag
e E
xc
ise
42
,30
00
.24
4,0
74
3,7
06
9.9
4,0
74
3,7
06
9.9
1.1
Will
s, S
uit
s, D
ee
ds
, Co
ntr
ac
ts
37
7,5
00
2.1
33
1,4
91
35
,88
0(1
2.2
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1,4
91
35
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2.2
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1.5
In
he
rita
nc
e, G
ift,
an
d E
sta
te0
0.0
02
50
-2
50
-(1
00
.0)
Ba
nk
Fra
nc
his
e2
0,0
00
0.1
10
9(1
00
.0)
09
(10
0.0
)(1
1.3
)
Oth
er
Ta
xe
s
(20
0)
0.0
01
,22
42
49
39
1.6
1,2
24
24
93
91
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03
.1)
T
ota
l Ta
xe
s
$1
7,3
62
,60
09
7.9
7$
1,1
82
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8$
1,0
33
,72
91
4.4
$1
,18
2,6
68
$1
,03
3,7
29
14
.48
.3
Rig
hts
an
d P
rivi
leg
es
:
Lic
en
se
s a
nd
Pe
rmit
s$
4,3
00
0.0
2$
21
2$
19
49
.3$
21
2$
19
49
.36
.7
Co
rp. F
ran
ch
ise
an
d C
ha
rte
rs4
7,9
00
0.2
85
39
56
0(3
.8)
53
95
60
(3.8
)(4
.6)
Fe
es
fo
r M
isc
. Pri
vile
ge
s &
Se
rvic
es
10
,80
00
.06
57
96
31
(8.2
)5
79
63
1(8
.2)
(4.3
)
T
ota
l Rig
hts
an
d P
rivi
leg
es
$6
3,0
00
0.3
6$
1,3
30
$1
,38
5(4
.0)
$1
,33
0$
1,3
85
(4.0
)(3
.9)
Oth
er
Re
ven
ue
s:
Sa
les
of
Pro
pe
rty
& C
om
mo
dit
ies
$0
0.0
0$
0$
0-
$0
$0
-(1
00
.0)
As
se
ss
mts
& R
cp
ts f
or
Su
pp
ort
of
Sp
ec
ial S
vcs
40
00
.00
37
48
25
.03
74
82
5.0
(10
.7)
In
sti
tuti
on
al R
eve
nu
e5
,60
00
.03
38
95
76
(32
.5)
38
95
76
(32
.5)
(0.8
)
In
tere
st
(a)
60
,10
00
.34
6,3
25
5,9
37
6.5
6,3
25
5,9
37
6.5
(18
.9)
Div
ide
nd
s a
nd
Re
nt
30
00
.00
34
47
(27
.7)
34
47
(27
.7)
(4.8
)
Fin
es
, Fo
rfe
itu
res
& F
ee
s
21
9,1
00
1.2
41
7,8
79
18
,39
3(2
.8)
17
,87
91
8,3
93
(2.8
)1
.5
Oth
er
Re
ven
ue
1
2,4
00
0.0
75
05
26
29
2.7
50
52
62
92
.71
8.6
Ex
ce
ss
Fe
es
(9,4
00
)(0
.05
)(5
82
)(9
14
)3
6.3
(58
2)
(91
4)
36
.3(3
1.9
)
Pri
vate
Do
na
tio
ns
, Gif
ts &
Co
nt.
00
.00
00
-0
0-
(10
0.0
)
Cit
ies
, Co
un
tie
s, a
nd
To
wn
s7
,80
00
.04
33
74
32
(22
.0)
33
74
32
(22
.0)
(5.9
)
T
ota
l Oth
er
Re
ven
ue
s
$2
96
,30
01
.67
$2
4,9
24
$2
4,7
37
0.8
$2
4,9
24
$2
4,7
37
0.8
(4.7
)
T
ota
l Ge
ne
ral F
un
d R
eve
nu
es
$1
7,7
21
,90
01
00
.00
$1
,20
8,9
22
$1
,05
9,8
51
14
.1$
1,2
08
,92
2$
1,0
59
,85
11
4.1
8.0
# P
erc
en
tag
e is
gre
ate
r th
an
or
eq
ua
l to
1,0
00
%.
- 2
-
(a)
Inte
res
t w
ill b
e a
lloc
ate
d in
ac
co
rda
nc
e w
ith
Se
cti
on
3-3
.03
of
Ch
ap
ter
2, 2
01
4 V
irg
inia
Ac
ts o
f A
ss
em
bly
.
Co
mm
on
we
alt
h o
f V
irg
inia
/De
pa
rtm
en
t o
f A
cc
ou
nts
Ge
ne
ral F
un
d S
tate
me
nt
of
Re
ven
ue
Co
llec
tio
ns
an
d E
sti
ma
tes
Fo
r th
e F
isc
al Y
ea
rs 2
01
4 a
nd
20
15
(Do
llars
in T
ho
us
an
ds
)
Ju
lyY
ea
r-T
o-D
ate
% A
nn
ual
Gro
wth
FY
201
5%
%R
equ
ired
Est
imat
e(a
)F
Y 2
015
(b)
FY
201
4C
han
ge
FY
201
5(b
)F
Y 2
014
Ch
ang
e(c
)B
y E
stim
ate
Lotte
ry C
olle
ctio
ns
Tot
al L
otte
ry S
ales
$1,8
92,5
66$1
44,0
14$1
38,9
683.
6$1
44,0
14$1
38,9
683.
64.
5O
ther
Inco
me
1,75
045
110
(59.
1)45
110
(59.
1)19
.5T
otal
Inco
me
$1,8
94,3
16$1
44,0
59$1
39,0
783.
6$1
44,0
59$1
39,0
783.
64.
5
Less
:
Pri
ze E
xpen
ses
$1,1
60,7
20$8
4,40
3$7
6,99
59.
6$8
4,40
3$7
6,99
59.
67.
2
Ret
aile
r C
omm
issi
ons
108,
610
8,16
07,
604
7.3
8,16
07,
604
7.3
7.0
O
pera
ting
Exp
ense
s99
,986
6,41
56,
898
(7.0
)6,
415
6,89
8(7
.0)
11.4
T
otal
Exp
ense
s$1
,369
,316
$98,
978
$91,
497
8.2
$98,
978
$91,
497
8.2
7.5
Net
Pro
ceed
s fr
om O
pera
tions
N
et L
otte
ry T
icke
t Pro
fits
$525
,000
$45,
081
$47,
581
(5.3
)$4
5,08
1$4
7,58
1(5
.3)
2.8
P
rior
Yea
r R
esid
ual P
rofit
Tra
nsfe
r0
00
-0
0-
-A
vaila
ble
to L
otte
ry P
roce
eds
Fun
d$5
25,0
00$4
5,08
1$4
7,58
1(5
.3)
$45,
081
$47,
581
(5.3
)(1
.4)
(a)
Est
imat
e es
tabl
ishe
d by
Cha
pter
2,
2014
Virg
inia
Act
s of
Ass
embl
y, a
nd in
clud
es s
ome
assu
mpt
ions
for
an
expe
cted
res
idua
l pro
fit t
rans
fer.
P
rior
Yea
r R
esid
ual P
rofit
Tra
nsfe
r w
ill b
e re
flect
ed a
fter
the
fin
al A
PA
aud
it is
com
plet
e an
d th
e tr
ansf
er is
mad
e in
Aug
ust.
(b)
Am
ount
s re
port
ed a
re a
ccru
al-b
ased
est
imat
es (
unau
dite
d cl
osin
g).
(c)
The
cur
rent
yea
r fig
ures
on
this
cha
rt,
incl
udin
g gr
owth
per
cent
ages
, ar
e no
t an
indi
cato
r of
the
pro
babl
e ou
tcom
e fo
r th
e fis
cal y
ear.
Lo
tter
y re
venu
es c
an h
ave
dram
atic
sw
ings
up
and
dow
n m
onth
to
mon
th d
epen
ding
on
the
lott
o ja
ckpo
ts,
priz
e ex
pens
e, a
nd g
ame
re
late
d ad
min
istr
ativ
e ex
pens
es.
- 3
-
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f L
ott
ery
Su
mm
ary
Rep
ort
on
Lo
tter
y C
olle
ctio
ns
Fo
r th
e F
isca
l Yea
rs 2
014
and
201
5(D
olla
rs in
Th
ou
san
ds)
July
Yea
r-T
o-D
ate
% A
nn
ual
As
a %
Gro
wth
FY
201
5o
f T
ota
l%
%R
equ
ired
Rev
enu
eE
stim
ate
Fu
nd
FY
201
5F
Y 2
014
Ch
ang
eF
Y 2
015
FY
201
4C
han
ge
By
Est
imat
e
Mo
tor
Fu
el T
axes
$7
18,7
0016
.91
$1,3
97$8
,928
(84.
4)$1
,397
$8,9
28(8
4.4)
8.9
Pri
ori
ty T
ran
spo
rtat
ion
Fu
nd
(P
TF
) 15
0,40
03.
543,
206
2,74
017
.03,
206
2,74
017
.015
.0
Mo
tor
Veh
icle
Sal
es a
nd
Use
Tax
909,
600
21.4
079
,411
64,5
8623
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,411
64,5
8623
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.7
Sta
te S
ales
an
d U
se T
ax
936,
600
22.0
462
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29,2
6811
4.9
62,8
9429
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114.
913
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Mo
tor
Veh
icle
Lic
ense
Fee
s24
7,90
05.
8421
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22,1
61(0
.8)
21,9
7522
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(0.8
)(0
.6)
Inte
rnat
ion
al R
egis
trat
ion
Pla
n
63,5
001.
495,
305
4,14
428
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305
4,14
428
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5
Rec
ord
atio
n T
ax
45,5
001.
073,
755
4,38
6(1
4.4)
3,75
54,
386
(14.
4)21
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Inte
rest
Ear
nin
gs
10,5
000.
250
0-
00
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Mis
c. T
axes
, Fee
s, a
nd
Rev
enu
es
16,1
000.
381,
824
1,68
88.
11,
824
1,68
88.
1(7
.0)
T
ota
l Sta
te T
axes
an
d F
ees
$3,0
98,8
0072
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$179
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$137
,901
30.4
$179
,767
$137
,901
30.4
10.4
# P
erce
nta
ge
is g
reat
er t
han
or
equ
al t
o 1
,000
%.
-
4 -
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
ts
Hig
hw
ay M
ain
ten
ance
an
d O
per
atin
g F
un
d a
nd
Tra
nsp
ort
atio
n T
rust
Fu
nd
Rev
enu
es
Su
mm
ary
Sta
tem
ent
of
Sel
ecte
d R
even
ue
Est
imat
es &
Co
llect
ion
s
Fo
r th
e F
isca
l Yea
rs 2
014
and
201
5
(Do
llars
in T
ho
usa
nd
s)
July
Yea
r-T
o-D
ate
% A
nn
ual
As
a %
Gro
wth
FY
201
5o
f T
ota
l%
%R
equ
ired
Rev
enu
eE
stim
ate
Fu
nd
FY
201
5F
Y 2
014
Ch
ang
eF
Y 2
015
FY
201
4C
han
ge
By
Est
HIG
HW
AY
MA
INT
EN
AN
CE
AN
D O
PE
RA
TIN
G F
UN
D:
Mo
tor
Fu
el T
axes
(In
clu
des
Ro
ad T
ax)
$572
,900
13.4
8($
689)
$8,4
95(1
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)($
689)
$8,4
95(1
08.1
)8.
5 M
oto
r V
ehic
le S
ales
an
d U
se T
ax65
3,50
015
.38
57,6
5546
,429
24.2
57,6
5546
,429
24.2
12.4
Sta
te S
ales
an
d U
se T
ax
270,
500
6.37
20,2
902,
258
798.
620
,290
2,25
879
8.6
41.5
Mo
tor
Veh
icle
Lic
ense
Fee
s22
5,50
05.
3119
,949
20,3
12(1
.8)
19,9
4920
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(1.8
)(0
.9)
In
tern
atio
nal
Reg
istr
atio
n P
lan
63
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1.49
5,30
54,
144
28.0
5,30
54,
144
28.0
6.5
Rec
ord
atio
n T
ax (
1 ce
nt)
15
,000
0.35
1,25
21,
462
(14.
4)1,
252
1,46
2(1
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20.4
Mis
c. T
axes
, F
ees,
an
d R
even
ues
16,1
000.
381,
824
1,68
88.
11,
824
1,68
88.
1(7
.0)
T
ota
l S
tate
Tax
es a
nd
Fee
s $1
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42.7
6$1
05,5
86$8
4,78
824
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05,5
86$8
4,78
824
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.3
Oth
er R
even
ues
:
Fed
eral
Gra
nts
an
d C
on
trac
ts$0
0.00
$2,4
61$1
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59.2
$2,4
61$1
,546
59.2
(100
.0)
M
isce
llan
eou
s R
even
ues
8,
878
0.21
945
783
20.7
945
783
20.7
(56.
7)
Tra
nsf
er (
to)
/ fr
om
Tra
nsp
ort
atio
n
T
rust
Fu
nd
19
3,01
24.
540
0-
00
-(3
9.2)
T
ota
l H
igh
way
Mai
nte
nan
ce a
nd
Op
erat
ing
Fu
nd
$2
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47.5
1$1
08,9
92$8
7,11
725
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92$8
7,11
725
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9
TR
AN
SP
OR
TA
TIO
N T
RU
ST
FU
ND
: M
oto
r F
uel
Tax
es
(In
clu
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) $1
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381.
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$433
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TF
In
sura
nce
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miu
ms
Tax
150,
400
3.54
3,20
62,
740
17.0
3,20
62,
740
17.0
15.0
Mo
tor
Veh
icle
Sal
es a
nd
Use
Tax
(
Incl
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enta
l T
ax)
256,
100
6.02
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5618
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21,7
5618
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6.4
Sta
te S
ales
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d U
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ax66
6,10
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.67
42,6
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57.7
42,6
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tor
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-0
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s$1
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4,18
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339
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1$5
3,11
339
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8
Oth
er R
even
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:
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Gra
nts
an
d C
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02,5
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tal
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er R
even
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$1,1
42,0
6226
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Hig
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M
ain
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ance
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per
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39.2
To
tal
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nsp
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n T
rust
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nd
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03,7
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T
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2734
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5
#
Per
cen
tag
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gre
ater
th
an o
r eq
ual
to
1,0
00%
.
-
5 -
July
Yea
r-T
o-D
ate
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
ts
Hig
hw
ay M
ain
ten
ance
an
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per
atin
g F
un
d a
nd
Tra
nsp
ort
atio
n T
rust
Fu
nd
Rev
enu
es
Sta
tem
ent
of
Rev
enu
e E
stim
ates
& C
oll
ecti
on
s F
or
the
Fis
cal
Yea
rs 2
014
and
201
5(D
oll
ars
in T
ho
usa
nd
s)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
JUL
A
UG
SE
P O
CT
N
OV
D
EC
JA
N
FEB
M
AR
A
PR
MAY
JU
N
$ Millions To
tal G
ener
al F
und
Rev
enue
s
FY 2
015
FY 2
014
FY 2
013
FY 2
013
Act
ual =
$16
,684
.6 M
illio
n FY
201
4 A
ctua
l = $
16,4
11.4
Mill
ion
FY 2
015
Est
imat
e =
$17,
721.
9 M
illio
n
- 6 -
$1,2
08.9
mill
ion
0
200
400
600
800
1000
1200
1400
1600
JUL
A
UG
SE
P O
CT
N
OV
D
EC
JA
N
FEB
M
AR
A
PR
MAY
JU
N
$ Millions N
et In
divi
dual
Inco
me
Tax
FY 2
015
FY 2
014
FY 2
013
FY 2
013
Act
ual =
$11
,340
.0 M
illio
n FY
201
4 A
ctua
l = $
11,2
53.3
Mill
ion
FY 2
015
Est
imat
e =
$12,
349.
9 M
illio
n
- 7 -
$945
.0 m
illio
n
0 50
100
150
200
250
300
350
400
450
500 JU
L
AU
G
SEP
OC
T
NO
V
DE
C
JAN
FE
B
MA
R
APR
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AY
JUN
$ Millions
Indi
vidu
al a
nd F
iduc
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me
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Ref
unds
FY 2
015
FY 2
014
FY 2
013
FY 2
013
Act
ual =
$1,
719.
1 M
illio
n FY
201
4 A
ctua
l = $
1,75
5.8
Mill
ion
FY 2
015
Est
imat
e =
$1,8
85.0
Mill
ion
- 8 -
$41.
0 m
illio
n
DE
PA
RT
ME
NT
OF
TH
E T
RE
AS
UR
Y
Gen
eral
Acc
ou
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Inve
stm
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Po
rtfo
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Mo
nth
ly A
vera
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Bal
ance
s an
d R
ates
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r th
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isca
l Y
ear
2015
(Do
llar
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ns)
MO
NT
HP
RIM
AR
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IQU
IDIT
YE
XT
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L M
AN
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RY
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ED
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T
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Ann
ualiz
ed
Avg
. B
alan
ceY
ield
Avg
. B
alan
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otal
Ret
urn
Avg
. B
alan
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ate
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ld
July
, 20
14$4
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$1,1
94.4
-1.7
3%$5
,468
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0.11
%
Au
gu
st
Sep
tem
ber
Oct
ob
er
No
vem
ber
Dec
emb
er
Jan
uar
y, 2
015
Feb
ruar
y
Mar
ch
Ap
ril
May
Jun
e
Yea
r-to
-Dat
e A
vera
ge
$4,2
74.2
0.22
%$1
,194
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68.6
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11%
▪ Per
form
ance
on
the
exte
nded
dur
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basi
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otal
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clud
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nrea
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gai
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, whi
ch in
the
shor
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m c
an m
ake
retu
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mor
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ver a
n
exte
nded
tim
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out
and
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etur
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proa
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por
tfol
io y
ield
.
▪ Una
udite
d.1
Fed
eral
Res
erve
Ban
k H
.15
Rel
ease
.
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Co
mm
on
wea
lth
of
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gin
ia/D
epar
tmen
t o
f A
cco
un
tsR
epo
rt o
n t
he
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e S
tab
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tio
n F
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the
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cal Y
ear
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Mo
nth
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inn
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ance
Dep
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ith
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tere
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lloca
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ance
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$687
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Au
gu
st
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tem
ber
Oct
ob
er
No
vem
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Dec
emb
er
Jan
uar
y
Feb
ruar
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Ap
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May
Jun
e
Not
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Inte
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arne
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ly b
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-10-