August 27, 2015
Review of General Fund Revenues and the Virginia Economy g y
for Fiscal Year 2015
A presentation to the Senate Finance, House Appropriations, and House Finance Committees
Richard D. BrownRichard D. BrownSecretary of Finance
Overview…
Fiscal Year 2015 Year-in-Review
• Economic Performance
• Actual General Fund Collections
• Actual Commonwealth Transportation Fund Collections• Actual Commonwealth Transportation Fund Collections
• Financial Results Balance Sheet
• Revenue Stabilization Fund BalanceRevenue Stabilization Fund Balance
Next Steps
• July 2015 General Fund Collections
• Fall Forecasting Process
1
In Fiscal Year 2015, The U.S. Economy Performed Near Expectations, While Virginia’s Economic Performance isVirginia s Economic Performance is Expected to Show Improvement Over Fiscal Year 2014…
• As measured on a fiscal year basis (July through June), estimated real GDP nationally increased 2.6 percent, slightly above the forecast.
Summary of Key U.S. and Virginia Economic IndicatorsPercent Change Over the Prior Fiscal Year
FY14 Actual
FY15 Forecast
FY15 Actual
U SU.S.
Real GDP 2.5 2.5 2.6
Consumer Spending 2.4 2.4 2.9
Employment 1.8 1.9 2.2
Personal Income 2.6 4.5 4.4
& S 3 0 9Wages & Salaries 3.4 5.0 4.9
Virginia
Employment 0.6 0.9 0.8
Professional/Business (1.2) 0.8 0.4
Construction/Mining (0 8) 2 1 1 9 Construction/Mining (0.8) 2.1 1.9
Education/Health 2.4 1.4 1.6
Government (0.1) 0.1 0.3
Personal Income* 1.4 3.7 tbdWages & Salaries* 0.9 3.4 tbd
2
* FY15 Actual data will be provided during the fall forecasting process.
Excluding Transfers, Fiscal Year 2015 General Fund Revenues Grew 8.1 Percent and Finished $549.6 Million (3.2 Percent)and Finished $549.6 Million (3.2 Percent) Above Forecast…
Summary of Fiscal Year 2015 Revenue Collections(millions of dollars)
Major Sources Official Change
Withholding $10,903.9 $11,044.3 $140.4 4.0 % 5.3
Nonwithholding 2,725.2 3,041.6 316.4 7.9 20.5
Refunds (1 812 8) (1 757 3) 55 5 3 2 0 1
Actual Official Actual% Growth Over FY 14
Refunds (1,812.8) (1,757.3) 55.5 3.2 0.1
Net Individual $11,816.3 $12,328.7 $512.4 5.0 % 9.6 %
Sales $3,217.8 $3,235.4 $17.6 4.9 % 5.5 %
Corporate 840.9 831.9 (9.0) 11.0 9.8
Wills (Recordation) 318 3 346 3 28 0 2 4 11 4Wills (Recordation) 318.3 346.3 28.0 2.4 11.4
Insurance 320.5 300.6 (19.9) 0.0 (6.2)
All Other Revenue 672.2 692.7 20.5 (4.4) (1.5)
Total Revenue $17,186.0 $17,735.6 $549.6 4.7 % 8.1 %
A B C Profits $83 3 $83 3 $0 0 15 3 % 15 3 %A.B.C. Profits $83.3 $83.3 $0.0 15.3 % 15.3 %
Sales Tax (0.375%) 350.3 352.4 2.1 4.9 5.5
Transfers 211.4 198.2 (13.2) 60.8 50.7
Total Transfers $645.0 $633.9 ($11.1) 19.9 % 17.9 %
• Over 90 percent of the surplus was attributable to net individual income taxes.
TOTAL GENERAL FUND $17,831.0 $18,369.5 $538.5 5.2 % 8.4 %
• Recordation and sales tax collections also contributed to the strong fiscal year 2015 performance.
3
The Second Half of Fiscal Year 2015 Was Noticeably Stronger Than the First Half…
20%
22%
Growth in Total General Fund Revenue CollectionsFY15 Monthly and Year-to-Date
14.1%
12%
14%
16%
18%
20%
7.7%6.7% 6.1% 5.2%
6.8%5.3%
6.6%7.1% 7.5%
7.3%8.1%
4%
6%
8%
10%
-4%
-2%
0%
2%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
Growth: 14 1% 1 7% 5 3% 4 4% 1 0% 13 1% 1 1% 21 7% 11 8% 10 2% 5 8% 13 6%
Forecast: 4.7%
• Total general fund revenue collections exceeded the forecast by $549.6 million, excluding transfers in fiscal year 2015, a forecast variance of 3.2 percent.
Growth: 14.1% 1.7% 5.3% 4.4% 1.0% 13.1% -1.1% 21.7% 11.8% 10.2% 5.8% 13.6%
• Total general fund revenue collections rose 8.1 percent, ahead of the revised annual forecast of 4.7 percent growth.
4
Payroll Withholding Tax Collections Exceeded The Annual Estimate By $140.4 Milli (1 3 P t) I Fi l Y 2015Million (1.3 Percent) In Fiscal Year 2015…
16%
Growth in Withholding Tax CollectionsFY15 Monthly and Year-to-Date
8.9%
6.3%6 2%
8%
10%
12%
14%
5.3% 5.5%4.2%
6.2%
4.2% 4.2%4.9%
4.7% 4.6%5.3%
0%
2%
4%
6%
Forecast: 4.0%
-6%
-4%
-2%
0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
• Collections of payroll withholding taxes, 63 percent of total general fund revenues, grew 5.3 percent, above the revised
l ti t f 4 0 t Thi i i ifi tl i d
Growth: 8.9% 1.7% 8.3% 3.4% -1.2% 15.1% -5.3% 3.5% 10.3% 3.5% 3.5% 13.5%
annual estimate of 4.0 percent. This is significantly improved from the past two fiscal years, which grew 2.1 and 2.3 percent respectively.
• Both employment and wage and salary gains are the drivers
5
Both employment and wage and salary gains are the drivers of this source.
The Acceleration in Withholding was Broad-Based and Included Strong Growth in Small gBusinesses…
Withholding Tax CollectionsFiscal Years 2013 - 2015
Millions of Dollars
# of FirmsIndustry (% of Total $ Amount in FY14) in FY14 Y FY14 FY15 FY13 FY14 FY15
Millions of Dollars Percent ChangeIndustry (% of Total $ Amount in FY14) in FY14 Y FY14 FY15 FY13 FY14 FY15Public Sector (18%) 93 $1,888.6 $1,961.9 2.4% 0.7% 3.9%Education and Health Services (7%) 244 $772.9 $805.7 1.0% 2.0% 4.2%Federal Contractors (4%) 192 $451.7 $439.9 -2.2% -7.1% -2.6%Finance (3%) 134 $306.6 $325.2 9.1% 4.0% 6.1%Professional and Business Services (3%) 538 $288.1 $297.0 9.1% 1.2% 3.1%Investment (2%) 148 $179.0 $205.2 18.2% 12.2% 14.6%Manufacturing (1%) 174 $157 3 $154 5 4 4% 10 7% -1 8%Manufacturing (1%) 174 $157.3 $154.5 4.4% 10.7% 1.8%Transportation (1%) 41 $113.9 $115.7 5.7% 4.6% 1.6%Energy (1%) 47 $86.2 $88.4 -12.3% 2.2% 2.5%Other (4%) 720 $464.1 $481.5 0.4% -1.6% 3.7%
Total Large Payers (44%) 2,331 $4,708.6 $4,875.0 2.5% 0.9% 3.5%Total Small Payers (56%) 242,267 $5,775.6 $6,169.3 1.8% 3.4% 6.8%Total All 244,598 $10,484.2 $11,044.3 2.1% 2.3% 5.3%
6
, $ , $ ,
Individual Income Tax Nonwithholding Collections Were $316.4 (11.6 Percent) Ahead of The Annual Estimate In FiscalAhead of The Annual Estimate In Fiscal Year 2015…
Growth in Estimated and Final Payments, FY95-15Percent Growth Over the Prior Year
60%
30%
40%
50%
60%
0%
10%
20%
40%
-30%
-20%
-10%
Estimated Payments
Final Payments
• Collections of nonwithholding, 16 percent of total revenues and one of the most volatile revenue sources, exceeded expectations due to strong gains in non-wage sources of
-40%95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
p g g gincome.
• Total nonwithholding collections grew 20.5 percent in fiscal year 2015 compared with the annual estimate of 7.9 percent growthgrowth.
• Final payments increased 25.1 percent compared to the forecast of 6.5 percent.
7
Total Sales Tax Collections Exceeded The Annual Estimate By $17.6 Million (0 5 P t) I Fi l Y 2015(0.5 Percent) In Fiscal Year 2015…
18%
Growth in Sales Tax Collections FY15 Monthly and Year-to-Date
12%
14%
16%
6.4%5.3%
8%
10%
12%
Forecast: 4.9%
4.6%3.8% 3.9%
3.0%
4.4%4.4%
4.0%4.2%
3.9%
5.5%
2%
4%
6%
-2%
0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
Growth: 6.4% 4.5% 3.5% 1.8% 4.1% -1.0% 11.2% 4.2% 0.8% 5.9% 1.2% 16.1%
• On a year-to-date basis, collections increased 5.5 percent, ahead of the annual estimate of 4.9 percent growth.
– Adjusting for AST and HB2313, sales tax collections increased 4.9 percent through June, about 1 percent above the economic-
8
base forecast of a 3.9 percent increase.
The Recovering Housing Market Was a Significant Contributor to Sales Tax Growth…Significant Contributor to Sales Tax Growth…
Sales Tax CollectionsFiscal Years 2013 - 2015
Millions of Dollars
# of Firms
Industry (% of Total $ Amount) in FY14 FY14 FY15 FY13 FY14 FY15
Housing (15%) 177 $466.2 $492.9 5.5% 4.4% 5.7%
$ $
Millions of Dollars Percent Change
Warehouse Clubs/Supercenters (12%) 6 $398.2 $413.1 3.7% ‐1.6% 3.7%
Department Stores (11%) 126 $357.8 $360.3 0.1% ‐0.4% 0.7%
Grocery Stores (10%) 23 $322.6 $324.7 4.3% 0.0% 0.7%
Retail Trade (9%) 112 $292.0 $299.2 2.7% 2.7% 2.5%
Restaurants (5%) 90 $154.6 $159.5 4.1% 6.2% 3.2%
Wholesale Trade (2%) 78 $71.9 $74.1 12.1% 5.5% 3.0%
Leisure and Hospitality (2%) 63 $46.4 $52.9 17.4% 10.7% 13.9%
Gasoline Stations (1%) 18 $45.7 $48.1 ‐3.5% ‐8.4% 5.4%Gasoline Stations (1%) 18 $45.7 $48.1 3.5% 8.4% 5.4%
Other (5%) 369 $150.1 $152.1 ‐0.9% ‐11.4% 1.3%
Total Large Payers (71%) 1,062 $2,305.4 $2,377.0 3.4% 0.6% 3.1%
Total 143 598 $3 211 5 $3 368 8 2 0% 0 8% 4 9%
• Housing, Warehouse Clubs/Supercenters, Leisure and Hospitality, and Gasoline Stations posted strong gains in Fiscal Year 2015.
Total 143,598 $3,211.5 $3,368.8 2.0% 0.8% 4.9%
• Department Stores and Grocery Stores posted the weakest gains in Fiscal Year 2015.
9
Other Revenue Sources Were Mixed Relative To Their Respective Forecasts In Fi l Y 2015Fiscal Year 2015…
Corporate Income Tax
• Corporate income tax collections fell short of its forecast by $9.0 million (-1.1 percent).
Wills, Suits, Deeds, and Contracts (Recordation Tax)
• Wills, Suits, Deeds, and Contracts (primarily recordation tax collections) finished $28.0 million ahead of the annual forecast (8.8 percent).
– A recovering housing market drove the growth in recordation tax receipts. Double digit growth has occurred for the last 8 months.
Insurance Premiums Tax
• Insurance premiums tax collections fell short of the annual estimate by $19.9 million (-6.2 percent).• A significant portion was due to prior year Historic
Rehab Tax Credit refunds.
All Other Revenues
• All Other Revenues finished $20.5 million ahead of
10
expectations (3.0 percent variance).– The surplus was primarily due to miscellaneous taxes
and penalties.
Commonwealth Transportation Fund (CTF) Revenues Finished Fiscal Year 2015$50 1 Milli Ah d f th Offi i l E ti t$50.1 Million Ahead of the Official Estimate…
Summary of Fiscal Year 2015 Revenue CollectionsCommonwealth Transportation Fund
(millions of dollars)( )
Actual Collections Compared to the Official Forecast for Fiscal Year 2015(Millions of Dollars)
Percent Change
FY2014 FY2015 FY2015 2014-2015 Forecast Variance
Revenue Sources Actual Actual Forecast Actual Forecast Amount PercentRevenue Sources Actual Actual Forecast Actual Forecast Amount Percent
Motor Fuels Tax 649.7 715.1 $712.1 10.1% 9.6% $3.0 0.4%
Road Use Tax 8.6 5.7 8.5 (33.7) (1.2) -2.8 -32.9
Vehicle Sales Tax 788.6 854.5 814.2 8.4 3.2 40.3 4.9
V hi l Li 249 3 245 1 245 6 (1 7) (1 5) 0 5 0 2Vehicle Licenses 249.3 245.1 245.6 (1.7) (1.5) -0.5 -0.2
State Sales Tax 822.6 994.9 991.1 20.9 20.5 3.8 0.4
Recordation Tax 37.3 42.0 37.9 12.6 1.6 4.1 10.8
Insurance Premiums Tax 130.8 150.4 150.4 15.0 15.0 0.0 0.0
I t'l R i t ti Pl 59 6 66 0 60 2 10 7 1 0 5 8 9 6Int'l Registration Plan 59.6 66.0 60.2 10.7 1.0 5.8 9.6
Interest Earnings 7.2 7.5 14.3 4.2 98.6 -6.8 -47.6
Rental Tax 33.3 35.9 35.1 7.8 5.4 0.8 2.3
Aviation Fuels Tax 2.0 1.8 2.0 (10.0) 0.0 -0.2 -10.0
Miscellaneous 17 3 18 3 15 7 5 8 (9 2) 2 6 16 6
• Total revenue growth was ahead of target with a 1.6 percent forecast variance.
Miscellaneous 17.3 18.3 15.7 5.8 (9.2) 2.6 16.6
TOTAL $2,806.3 $3,137.2 $3,087.1 11.8% 10.0% $50.1 1.6%
11
– The forecast variance was due to stronger than expected motor vehicle sales tax collections.
Take Away: The Fiscal Year 2015 General Fund Revenue Surplus Is Already Obligated by Law and Is Not Available for Otherby Law and Is Not Available for Other Spending…
Major Sources and Uses of the
Fiscal Year 2015 General Fund Surplus
Sources
Revenue collections above the official forecast 549.6$
Transfers to General Fund (actual vs. forecast) (11.1)
Fiscal Year 2015 General Fund Surplus$ in Millions
( ) ( )Withdrawal from Revenue Stabilization Fund (actual vs budget)a (2.3)
Net New General Fund Resources (# in Governor's Speech) 536.2$ Natural Disaster Reserve (write‐offs less new authorizations)b 1.8
Total Major Sources 538.0$
Uses
Addition to reserve for deposit to Revenue Stabilization Fund in
FY2017 above the amount already budgeted ($605.6 million
required deposit less $129.5 million in budget) 476.1$
Reserve for Water Quality Improvement Fund Part A 55.0 Reserve for Water Quality Improvement Fund Part B 6.7
Total Major Uses 537.8$
a The withdrawal from the Revenue Stabilization Fund in fiscal year 2015 was budgeted at $470.0 million. The actual withdrawal was $467.7 million or $2.3 million lower than the budgeted amount. The difference was caused by lower interest earnings on the Fund than what was anticipated in the budget.
12
b The balances in existing natural disaster authorizations closed out in fiscal year 2015 totaled $2.3 million whereas new authorizations equaled $0.5 million for a net reduction or savings of $1.8 million.
All Surplus Dollars Are Either Reserved, Committed or AssignedCommitted, or Assigned…
Preliminary Balance SheetGeneral Fund - Budgetary (Cash) Basis (Unaudited)
Fiscal Year 2015(millions of dollars)( )
AssetsCash, Cash Equivalents, and Investments $ 1,794.5 Cash, Travel Advances and Amounts Due from Other Funds 0.7
Total Assets $ 1,795.2
Liabilities and Fund EquityLiabilities:
Payments Awaiting Disbursement 31.6 Deposits Pending Distribution 4.4
Total Liabilities $ 36.0
Fund Equity:Reserved Fund Balance:
Revenue Stabilization Reserve Fund 467 7Revenue Stabilization Reserve Fund 467.7 Revenue Stabilization Reserve 2017 605.6 Lottery Proceeds Fund 2.8 Water Supply Assistance Grant Fund 6.5
Total Reserved Fund Balance 1,082.6
Commitments and Assignments:
Reapp. 2015 Unexpended Bal. for Cap Outlay 21.5 C t l C it l Pl i F d 14 2Central Capital Planning Fund 14.2 Communication Sales and Use Tax 36.4 Natural Disaster Sum Sufficient 24.1 Amount Required by Chapter 665 247.2 Amt. Required for Mandatory Reapp. 58.6 Virginia Health Care Fund 8.8 Virginia Water Quality Improvement Fund 32.9 Virginia WQIF - Part A 55.0Virginia WQIF Part A 55.0 Virginia WQIF - Part B 6.7 Commonwealth's Development Opportunity Fund 23.6 Discretionary Reappropriations 60.7 Federal Action Contigency Trust Fund 0.4 Select NGF Balances 86.5
Total Committed and Assigned Fund Balance 676.6
Total Fund Equity 1 759 2
13
Total Fund Equity 1,759.2
Total Liabilities and Fund Balance $ 1,795.2
A Mandatory Deposit of $605.6 Million Will Be Made to the Revenue Stabilization Fund i FY2017 S b t ti ll I i th Siin FY2017 Substantially Increasing the Size of the Fund to About $845.0 Million by June 30, 2017…
Revenue Stabilization Fund June 30 BalanceRevenue Stabilization Fund – June 30 BalanceFY1995-2015 Actual and FY2016-2017 Forecast
(millions of dollars)$1,200
$1,064.7
$1,189.8
$
$800
$1,000
$715.6
$1,014.9
$575 1
$687.5
$845.3
illi
on
s
$400
$600
$224 3
$361.5
$574.6
$472.4
$247.5
$340.1
$482.3
$575.1
$295.2
$299.4 $303.6
$440.0 $467.7
$237 4
Mi
$0
$200
$80.1 $85.0
$156.6
$224.3 $237.4
• A deposit of $243.2 million and a withdrawal of $467.7 million occurred in FY2015.
• Another withdrawal estimated at $235.0 million will occur in
14
FY2016.• A mandatory deposit of $605.6 million is required in year 2017
based on actual general fund revenue collections for FY2015.
The Current Official Fiscal Year 2016 Total General Fund Revenue Forecast Calls For A Decline of 0.5 Percent Compared toA Decline of 0.5 Percent Compared to Actual Collections for Fiscal Year 2015…
Summary of General Fund Revenue Collections FY2015 and FY2016
Official Estimate
% Annual Growth Req By
Actual Collections % Actual Amount
Official Estimate
% Change From
FY2015 and FY2016(millions of dollars)
FY2015 Estimate FY2015 Growth Variance FY2016 Actual
Revenue Source
Individual Income Tax:
Withholding 10,903.9$ 4.0% 11,044.3$ 5.3% 140.4$ 11,275.1$ 2.1%
Tax Dues/Estimated Payments 2,725.2 7.9 3,041.6 20.5 316.4$ 2,785.2 -8.4
(R f d ) (1 812 8) 3 2 (1 757 3) 0 1 55 6 (1 840 6) 4 7(Refunds) (1,812.8) 3.2 (1,757.3) 0.1 55.6 (1,840.6) 4.7
Net Individual Income Tax 11,816.3 5.0 12,328.7 9.6 512.4 12,219.7 -0.9
Sales and Use 3,217.8 4.9 3,235.4 5.5 17.6 3,323.1 2.7
Corporate Income 840.9 11.0 831.9 9.8 (9.0) 820.7 -1.3
Insurance Premiums 320.5 0.0 300.6 (6.2) (19.9) 326.8 8.7
Wills, Suits, Deeds, Contracts 318.3 2.4 346.3 11.4 28.0 318.3 -8.1Wills, Suits, Deeds, Contracts 318.3 2.4 346.3 11.4 28.0 318.3 8.1
Interest 62.0 (16.3) 49.0 (34.1) (13.0) 65.6 33.9
Other Revenue 610.2 (2.9) 643.7 2.4 33.5 646.5 0.4
Total General Fund Revenue 17,186.0 4.7 17,735.6 8.1 549.5 17,720.7 -0.1
Transfers 645.0 20.0 633.9 17.9 (11.1) 564.5 -10.9
Total General Fund Resources 17,831.0$ 5.2% 18,369.5$ 8.4% 538.5$ 18,285.2$ -0.5%
15
The Current IHS Economics’ Outlook for Fiscal Year 2016 Shows Improved G thGrowth…• Supported by robust gains in employment and household
wealth, real consumer spending (the biggest component of GDP) is forecast to advance at a 3.0 percent rate.
• Dismal growth in Europe and China are risks to the economy.
Summary of Key U S and Virginia Economic IndicatorsSummary of Key U.S. and Virginia Economic IndicatorsPercent Change Over the Prior Fiscal Year
FY15Actual Official July
U S
FY16
U.S.
Real GDP 2.6 2.4 2.4
Consumer Spending 2.9 2.9 3.0
Employment 2.2 1.6 1.8
Personal Income 4 4 4 5 4 3Personal Income 4.4 4.5 4.3
Wages & Salaries 4.9 4.7 4.8
Virginia
Employment 0.8 1.4 tbd
Professional/Business 0.4 3.0 tbd
Construction/Mining 1.9 3.5 tbd
Personal Income* tbd 3.8 tbd
Wages & Salaries* tbd 3.5 tbd
16
* FY15 Actual data will be provided during the fall forecasting process.
Although Not A Significant Month, July Revenue Declined 10.0 Percent, The R i d Of Fi l Y 2016 N d TRemainder Of Fiscal Year 2016 Needs To Grow 0.6 Percent To Attain The Forecast…
Summary of July FY16 Revenue CollectionsSummary of July FY16 Revenue Collections
As a %of Total YTD Annual
Major Source Revenues Actual Estimate Variance
Withholding 63 6 % (3 6) % 2 1 % (5 7) %
Percent Growth over Prior Year
Withholding 63.6 % (3.6) % 2.1 % (5.7) %Nonwithholding 15.7 (33.4) (8.4) (25.0)Refunds (10.4) 2.0 4.7 (2.7) Net Individual 69.0 (6.4) (0.9) (5.5)
Sales 18.8 (26.5) 2.7 (29.2)Corporate 4 6 (77 7) (1 3) (76 4)Corporate 4.6 (77.7) (1.3) (76.4)Wills (Recordation) 1.8 15.1 (8.1) 23.2Insurance 1.8 n/a 8.7 n/aAll Other Revenue 4.0 (6.8) 2.8 (9.6)
Total 100.0 % (10.0) % (0.1) % (9.9) %
Sales (x HB2313 & AST) 8.9 % 2.7 % 6.2 %
Total (x HB2313 & AST) (3.7) % 0.0 % (3.7) %
The July decline was largely due to 3 factors:• Withholding had one less deposit day.• Nonwithholding payments last year were higher than
normal because of a delay in mail service.
17
• AST policy changes reduced General Fund sales tax collections.
The Normal Fall Forecasting Process Will Begin In September…Begin In September…
• Significant revenue elements used in the fall forecasting process will be available over the next few months and will be i t d i th f ll f tiincorporated in the fall forecasting process.
– September:• Individual, corporate, and insurance estimated
payments are duepayments are due.
– October:• Retailer corporate estimated payments are due.• Joint Advisory Board of Economists (JABE) reviews
economic projections for current and next biennium.
– November:• Corporate refunds from extension returns peak.
G ’ Ad i C il R E ti t• Governor’s Advisory Council on Revenue Estimates (GACRE) reviews revenue forecast for fiscal year 2016 and 2017-2018 biennium.
– December:December:• General fund revenue forecast finalized.• Governor McAuliffe’s amendments to the 2015-2016
budget and 2017-2018 budget are presented to the Joint Money Committees.
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Appendix
Fiscal Year 2015 General Fund Collections: Actual and Official Forecast
Official General Fund Forecast for Fiscal Year 2016
Official Commonwealth Transportation Fund Forecast for Fiscal Year 2016
Growth in Total General Fund Revenues, Fiscal Years 1961 to ,2016
June 2015 Revenue Report
July 2015 Revenue ReportJuly 2015 Revenue Report
Note:
The General Fund Preliminary Annual Report, August, 2015 is available at the Department of Accounts web site (www.doa.virginia.gov).
Thi t ti i il bl t th S t f Fi bThis presentation is available at the Secretary of Finance web site (www.finance.virginia.gov).
19
MAJOR TAX SOURCES
Corporate Income $ 757.5 (11.9) % $ 840.9 $ 831.9 $ (9.0) (1.1) % 11.0 % 9.8 %
Individual Income Tax:
Gross 13,009.2 4.9 13,629.1 14,086.0 456.9 3.4 4.8 8.3
Withholding 10,484.2 4.4 10,903.9 11,044.3 140.4 1.3 4.0 5.3
Nonwithholding 2,524.9 7.1 2,725.2 3,041.6 316.4 11.6 7.9 20.5
Refunds (1,755.8) (1.6) (1,812.8) (1,757.3) 55.5 (3.1) 3.2 0.1
Net 11,253.3 6.0 11,816.3 12,328.7 512.4 4.3 5.0 9.6
Insurance Company Premiums 320.4 26.7 320.5 300.6 (19.9) (6.2) 0.0 (6.2)
State Sales & Use Tax 3,066.5 (1.8) 3,217.8 3,235.4 17.6 0.5 4.9 5.5
Wills, Suits, Deeds, & Contract Fees 310.8 (3.5) 318.3 346.3 28.0 8.8 2.4 11.4
Total Major Tax Sources $ 15,708.5 3.6 % $ 16,513.8 $ 17,043.0 $ 529.2 3.2 % 5.1 % 8.5 %
MISCELLANEOUS TAXES AND OTHER REVENUES
Alcoholic Beverage State Tax $ 157.4 9.8 % $ 162.6 $ 166.0 $ 3.4 2.1 % 3.3 % 5.4 %
Bank Franchise Tax 22.5 19.4 16.8 19.0 2.2 13.2 (25.5) (15.6)
Beer & Beverage Excise Tax 41.8 (2.7) 41.8 41.9 0.1 0.1 (0.0) 0.1
Corporate Franchise & Charter Fees 50.2 18.6 47.3 48.6 1.3 2.7 (5.8) (3.3)
Excess & Other Fees from Officers (7.1) 17.8 (8.9) (6.8) 2.1 (23.8) (24.9) 4.9
Estate & Gifts 0.2 (34.2) 0.0 0.1 0.1 n/a (100.0) (50.0)
Institutional Revenues 5.6 (3.4) 5.5 7.4 1.9 34.0 (2.5) 30.6
Interest & Rents 74.4 (4.1) 62.3 49.0 (13.3) (21.3) (16.3) (34.1)
Licenses & Permits 4.0 (5.0) 4.0 4.1 0.1 1.5 (0.8) 0.7
Miscellaneous Taxes and Penalties 222.3 (0.5) 213.7 232.2 18.5 8.6 (3.9) 4.4
Other Miscellaneous Revenues 33.3 1.6 30.3 32.8 2.5 8.2 (9.1) (1.6)
Public Service GR / Consumption Tax 98.2 3.9 96.8 98.5 1.7 1.8 (1.4) 0.4
Total Misc. Taxes and Other Revenues $ 702.9 3.8 % $ 672.2 $ 692.7 $ 20.5 3.0 % (4.4) % (1.5) %
TOTAL GF REVENUES $ 16,411.4 3.6 % $ 17,186.0 $ 17,735.6 $ 549.6 3.2 % 4.7 % 8.1 %
TRANSFERS
A.B.C. Profits $ 72.2 13.2 % $ 83.3 $ 83.3 $ 0.0 0.0 % 15.4 % 15.4 %
Sales Tax (0.25%) 334.0 56.0 350.3 352.4 2.1 0.6 4.9 5.5
Transfers Per Appropriations Act 131.5 6.4 211.4 198.2 (13.2) (6.2) 60.8 50.7
Total Transfers $ 537.7 7.3 % $ 645.0 $ 633.9 $ (11.1) (1.7) % 20.0 % 17.9 %
TOTAL GENERAL FUND $ 16,949.1 3.7 % $ 17,831.0 $ 18,369.5 $ 538.5 3.0 % 5.2 % 8.4 %
Table 3.1
Fiscal Year 2014 Fiscal Year 2015
Fiscal Year 2015 General Fund Collections: Actual and Official Forecast(Dollars in Millions)
PercentForecast VarianceDollars
The Official forecast is based on the November 2014 IHS Economics US Standard outlook and the corresponding Virginia economic outlook developed by the Department of Taxation with recommendations from GACRE. It includes actions of the 2015 General Assembly Session.
% Growth Over FY 14OfficialActual % Growth Forecast Actual Official Actual
(Dollars in Millions)
MAJOR TAX SOURCES
Corporate Income $ 771.6 $ 820.7 $ 49.1 1.8 % (1.3) % $ 1,529.5 $ 1,652.6 $ 123.1
Individual Income Tax:
Gross 13,891.7 14,060.3 168.6 3.1 (0.2) 27,364.8 28,146.3 781.5
Withholding 11,140.1 11,275.1 135.0 3.3 2.1 21,928.0 22,319.4 391.4
Nonwithholding 2,751.6 2,785.2 33.6 2.5 (8.4) 5,436.8 5,826.8 390.0
Refunds (1,855.6) (1,840.6) 15.0 1.5 4.7 (3,683.4) (3,597.9) 85.5
Net 12,036.1 12,219.7 183.6 3.4 (0.9) 23,681.4 24,548.4 867.0
Insurance Company Premiums 326.8 326.8 (0.0) (2.3) 8.7 661.3 627.4 (33.9)
State Sales & Use Tax 3,292.0 3,323.1 31.1 2.9 2.7 6,489.8 6,558.5 68.7
Wills, Suits, Deeds, & Contract Fees 318.3 318.3 0.0 0.0 (8.1) 636.6 664.6 28.0
Total Major Tax Sources $ 16,744.8 $ 17,008.6 $ 263.8 3.0 % (0.2) % $ 32,998.6 $ 34,051.5 $ 1,052.9
MISCELLANEOUS TAXES AND OTHER REVENUES
Alcoholic Beverage State Tax $ 166.1 $ 166.1 $ 0.0 2.2 % 0.1 % $ 328.7 $ 332.1 $ 3.4
Bank Franchise Tax 20.5 20.5 0.0 22.0 7.8 37.3 39.5 2.2
Beer & Beverage Excise Tax 41.8 41.8 0.0 0.0 (0.1) 83.6 83.7 0.1
Corporate Franchise & Charter Fees 47.3 47.3 0.0 0.0 (2.6) 94.6 95.9 1.3
Excess & Other Fees from Officers (8.9) (8.9) 0.0 0.0 (31.3) (17.8) (15.7) 2.1
Estate & Gifts 0.0 0.0 0.0 n/a n/a 0.0 0.1 n/a
Institutional Revenues 5.5 5.5 0.0 0.0 (25.4) 11.0 12.9 1.9
Interest & Rents 67.4 65.9 (1.5) 5.8 34.4 131.1 114.9 (16.2)
Licenses & Permits 4.0 4.0 0.0 0.0 (1.5) 8.0 8.1 0.1
Miscellaneous Taxes and Penalties 212.9 212.0 (0.9) (0.4) (8.7) 426.6 444.2 17.6
Other Miscellaneous Revenues 61.1 61.1 0.0 101.7 86.4 91.4 93.9 2.5
Public Service GR / Consumption Tax 96.8 96.8 0.0 0.0 (1.8) 193.6 195.3 1.7
Total Misc. Taxes and Other Revenues $ 714.5 $ 712.1 $ (2.4) 6.1 % 2.8 % $ 1,388.1 $ 1,404.8 $ 16.7
TOTAL GF REVENUES $ 17,459.3 $ 17,720.7 $ 261.4 3.1 % (0.1) % $ 34,386.7 $ 35,456.3 $ 1,069.6
TRANSFERS
A.B.C. Profits $ 80.2 $ 80.2 $ 0.0 3.8 % (3.7) % $ 157.5 $ 163.5 $ 6.0
Sales Tax (0.375%) 359.3 362.9 3.6 3.2 3.0 707.4 715.3 7.9
Transfers Per Appropriations Act 124.6 121.4 (3.2) (40.1) (38.7) 332.7 319.6 (13.1)
Total Transfers $ 564.1 $ 564.5 $ 0.4 (11.0) % (10.9) % $ 1,197.6 $ 1,198.4 $ 0.8
TOTAL GENERAL FUND $ 18,023.4 $ 18,285.2 $ 261.8 2.6 % (0.5) % $ 35,584.3 $ 36,654.7 $ 1,070.4
2014-2016 BienniumDecember
The Official forecast is based on the November 2014 IHS Economics Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation with recommendations from GACRE. It includes actions of the 2015 General Assembly Session -- Chapter 665.
The December forecast is based on the November IHS Economics US Standard outlook and a JABE Pessimisstic Plus forecast with recommendations from the Governor's Advisory Council on Revenue Estimates (GACRE) and Governor's amendments.
ChangeOfficialDecember Official
Fiscal Year 2016
The December and Official General Fund Forecast for Fiscal Year 2016March 26, 2015
% Growth Over FY 15 OfficialDecember Forecast ForecastForecast Forecast Change
The December and Official Commonwealth Transportation Fund Forecast for Fiscal Year 2016(Dollars in Millions)
August 27, 2015
Fiscal Year 2015 Fiscal Year 2016December Official % Growth over FY 15
Actual % Growth Forecast Forecast Change December Official
Highway Maintenance & Operating Fund
Motor Fuels Tax $ 576.4 9.3 % $ 672.4 $ 678.5 $ 6.1 17.3 % 17.7 %Road Tax (1.8) (460.0) (0.3) 0.6 0.9 200.0 (133.3)Motor Vehicle Sales And Use Tax 638.6 9.9 675.7 628.3 (47.4) 3.4 (1.6)Motor Vehicle License Fees 223.3 (1.9) 234.6 222.7 (11.9) 0.8 (0.3)Retail Sales and Use Tax 277.9 45.3 279.9 281.7 1.8 3.5 1.4International Registration Plan 66.0 10.7 62.7 60.4 (2.3) (1.3) (8.5)Recordation Tax (1 cent) 14.0 12.0 15.0 12.7 (2.3) 0.0 (9.3)Miscellaneous 18.3 5.8 16.1 15.7 (0.4) 0.0 (14.2)Total State Taxes and Fees $ 1,812.7 12.1 % $ 1,956.1 $ 1,900.6 $ (55.5) 7.2 % 4.8 %
Transportation Trust Fund
Motor Fuels Tax $ 138.7 13.3 % $ 159.6 $ 161.2 $ 1.6 17.4 % 16.2 %Insurance Premiums Tax (1/3) 150.4 15.0 143.7 150.3 6.6 2.6 (0.1)Road Tax 7.5 (6.3) 8.1 7.9 (0.2) 3.8 5.3Motor Vehicle Sales And Use Tax 215.9 4.1 225.9 211.7 (14.2) 1.7 (1.9)Motor Vehicle License Fees 21.8 0.5 22.5 21.9 (0.6) 0.4 0.5Retail Sales and Use Tax 717.0 13.6 685.5 725.6 40.1 2.9 1.2Recordation Tax (2 cents) 28.0 12.4 30.5 25.2 (5.3) 0.0 (10.0)Interest Earnings 7.5 4.2 10.9 14.8 3.9 3.8 97.3Rental Tax 35.9 7.8 35.1 35.6 0.5 3.2 (0.8)Aviation Fuels Tax 1.8 (10.0) 2.1 2.0 (0.1) 5.0 11.1Total State Taxes and Fees $ 1,324.5 11.4 % $ 1,323.9 $ 1,356.2 $ 32.3 4.1 % 2.4 %
Total HMOF And TTF
Motor Fuels Tax $ 715.1 10.1 % $ 832.0 $ 839.7 $ 7.7 17.3 % 17.4 %Insurance Premiums Tax (1/3) 150.4 15.0 143.7 150.3 6.6 2.6 (0.1)Road Tax 5.7 (32.9) 7.8 8.5 0.7 1.3 49.1Motor Vehicle Sales and Use Tax 854.5 8.4 901.6 840.0 (61.6) 3.0 (1.7)Motor Vehicle License Fees 245.1 (1.7) 257.1 244.6 (12.5) 0.7 (0.2)International Registration Plan 66.0 10.7 62.7 60.4 (2.3) (1.3) (8.5)Retail Sales and Use Tax 994.9 20.9 965.4 1,007.3 41.9 3.1 1.2Recordation Tax (3 cents) 42.0 12.3 45.5 37.9 (7.6) 0.0 (9.8)Interest Earnings 7.5 4.2 10.9 14.8 3.9 3.8 97.3Rental Tax 35.9 7.8 35.1 35.6 0.5 3.2 (0.8)Aviation Fuels Tax 1.8 (10.0) 2.1 2.0 (0.1) 5.0 11.1Miscellaneous 18.3 5.8 16.1 15.7 (0.4) 0.0 (14.2)
Total State Taxes and Fees $ 3,137.2 11.8 % $ 3,280.0 $ 3,256.8 $ (23.2) 5.9 % 3.8 %
Transfers per the Appropriations ActRetail Sales Tax - AST (TTF) 21.7 0.0 16.2 0.0 (16.2) (88.4) (100.0)Total Transfers $ 21.7 0.0 $ 16.2 $ 0.0 $ (16.2) 110.4 (100.0) %
Total Transportation Fund $ 3,158.9 11.7 $ 3,296.2 $ 3,256.8 $ (39.4) 5.8 % 3.1 %
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 17,735,636,000 8.1%
88 5,054,382,000 10.1% 16* 17,720,628,857 -0.1%
* Chapter 665 (Excludes Transfers)
FY
201
5 R
evis
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stim
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(1)
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:
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itu
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nal
Rev
enu
e5,
500
0.03
496
373
33.0
7,37
25,
643
30.6
(2.5
) I
nte
rest
(a)
62,0
000.
36(1
,223
)43
6(3
80.5
)48
,684
74,0
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4.3)
(16.
3) D
ivid
end
s an
d R
ent
300
0.00
(6)
12(1
50.0
)34
831
510
.5(4
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Fin
es, F
orf
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res
& F
ees
210,
900
1.23
18,7
4218
,379
2.0
220,
957
215,
855
2.4
(2.3
) O
ther
Rev
enu
e 9,
000
0.05
7,18
87,
911
(9.1
)12
,661
10,4
5221
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3.9)
Exc
ess
Fee
s(8
,900
)(0
.05)
(723
)(4
79)
(50.
9)(6
,778
)(7
,127
)4.
9(2
4.9)
Pri
vate
Do
nat
ion
s, G
ifts
& C
on
t.0
0.00
(7)
2(4
50.0
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514
0.0
(100
.0)
Cit
ies,
Co
un
ties
, an
d T
ow
ns
8,30
00.
0581
575
97.
47,
675
8,28
6(7
.4)
0.2
T
ota
l Oth
er R
even
ues
$2
88,8
001.
68$2
5,33
7$2
7,56
8(8
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$291
,838
$310
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(6.1
)(7
.1)
T
ota
l Gen
eral
Fu
nd
Rev
enu
es$1
7,18
6,00
010
0.00
$2,1
41,5
87$1
,884
,731
13.6
$17,
735,
636
$16,
411,
415
8.1
4.7
# P
erce
nta
ge
is g
reat
er t
han
or
equ
al t
o 1
,000
%.
- 2
-
(a)
Inte
rest
was
allo
cate
d in
acc
ord
ance
wit
h S
ecti
on
3-3
.03
of
Ch
apte
r 66
5, 2
015
Vir
gin
ia A
cts
of
Ass
emb
ly.
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
tsG
ener
al F
un
d S
tate
men
t o
f R
even
ue
Co
llect
ion
s an
d E
stim
ates
Fo
r th
e F
isca
l Yea
rs 2
014
and
201
5(D
olla
rs in
Th
ou
san
ds)
Jun
eY
ear-
To
-Dat
e
% 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
eB
y E
stim
ate
Lotte
ry C
olle
ctio
ns
Tot
al L
otte
ry S
ales
$1,8
67,6
11$1
50,8
94$1
49,1
701.
2$1
,843
,876
$1,8
10,8
211.
83.
1O
ther
Inco
me
1,75
019
190.
01,
181
1,46
4(1
9.3)
19.5
Tot
al In
com
e$1
,869
,361
$150
,913
$149
,189
1.2
$1,8
45,0
57$1
,812
,285
1.8
3.1
Less
:
Pri
ze E
xpen
ses
$1,1
35,9
64$9
4,94
4$1
19,2
76(2
0.4)
$1,1
20,5
43$1
,110
,521
0.9
4.9
R
etai
ler
Com
mis
sion
s10
5,19
58,
473
8,23
12.
910
3,91
710
1,52
42.
43.
6
Ope
ratin
g E
xpen
ses
98,6
989,
809
10,4
76(6
.4)
91,0
9389
,739
1.5
10.0
T
otal
Exp
ense
s$1
,339
,857
$113
,226
$137
,983
(17.
9)$1
,315
,553
$1,3
01,7
841.
15.
2
Net
Pro
ceed
s fr
om O
pera
tions
N
et L
otte
ry T
icke
t Pro
fits
$529
,504
$37,
687
$11,
206
236.
3$5
29,5
04$5
10,5
013.
73.
7
Pri
or Y
ear
Res
idua
l Pro
fit T
rans
fer
28,0
510
0-
28,0
5122
,199
26.4
-A
vaila
ble
to L
otte
ry P
roce
eds
Fun
d$5
57,5
55$3
7,68
7$1
1,20
623
6.3
$557
,555
$532
,700
4.7
4.7
(a)
Est
imat
e es
tabl
ishe
d by
Cha
pter
665
, 20
15 V
irgin
ia A
cts
of A
ssem
bly.
Prio
r Y
ear
Res
idua
l Pro
fit T
rans
fer
of $
28,0
51,1
20 w
as m
ade
o
n A
ugus
t 18
, 20
14,
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
014
and
201
5(D
olla
rs in
Th
ou
san
ds)
Jun
eY
ear-
To
-Dat
e
% 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
22,6
0017
.11
$144
,173
$108
,376
33.0
$722
,534
$660
,256
9.4
9.4
Pri
ori
ty T
ran
spo
rtat
ion
Fu
nd
(P
TF
) 15
0,39
73.
560
0-
150,
397
130,
769
15.0
15.0
Mo
tor
Veh
icle
Sal
es a
nd
Use
Tax
849,
300
20.1
186
,979
77,9
0111
.789
0,44
282
1,93
78.
33.
3
Sta
te S
ales
an
d U
se T
ax
991,
100
23.4
614
2,36
577
,729
83.2
994,
855
822,
560
20.9
20.5
Mo
tor
Veh
icle
Lic
ense
Fee
s24
5,60
05.
8124
,336
22,2
209.
524
5,12
224
9,33
3(1
.7)
(1.5
)
Inte
rnat
ion
al R
egis
trat
ion
Pla
n
60,2
001.
436,
026
5,65
66.
566
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59,6
4710
.70.
9
Rec
ord
atio
n T
ax
37,9
000.
904,
663
3,61
529
.042
,001
37,3
4012
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5
Inte
rest
Ear
nin
gs
14,3
000.
341,
563
1,57
6(0
.8)
7,53
37,
159
5.2
99.7
Mis
c. T
axes
, Fee
s, a
nd
Rev
enu
es
15,7
000.
371,
572
1,41
511
.118
,320
17,3
205.
8(9
.4)
T
ota
l Sta
te T
axes
an
d F
ees
$3,0
87,0
9773
.09
$411
,677
$298
,488
37.9
$3,1
37,2
40$2
,806
,321
11.8
10.0
# 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)
Jun
eY
ear-
To
-Dat
e
% 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)
$576
,200
13.6
4$1
16,9
65$8
7,00
434
.4$5
74,5
45$5
27,8
268.
99.
2 M
oto
r V
ehic
le S
ales
an
d U
se T
ax60
6,40
014
.36
63,1
6452
,500
20.3
638,
577
581,
187
9.9
4.3
Sta
te S
ales
an
d U
se T
ax
284,
600
6.74
39,7
2818
,548
114.
227
7,88
019
1,21
745
.348
.8 M
oto
r V
ehic
le L
icen
se F
ees
223,
600
5.29
22,1
7420
,226
9.6
223,
334
227,
629
(1.9
)(1
.8)
In
tern
atio
nal
Reg
istr
atio
n P
lan
60
,200
1.43
6,02
65,
656
6.5
66,0
3659
,647
10.7
0.9
Rec
ord
atio
n T
ax (
1 ce
nt)
12
,700
0.30
1,55
41,
205
29.0
14,0
0012
,456
12.4
2.0
Mis
c. T
axes
, F
ees,
an
d R
even
ues
15,7
000.
371,
572
1,41
511
.118
,320
17,3
205.
8(9
.4)
T
ota
l S
tate
Tax
es a
nd
Fee
s $1
,779
,400
42.1
3$2
51,1
83$1
86,5
5434
.6$1
,812
,692
$1,6
17,2
8212
.110
.0
Oth
er R
even
ues
:
Fed
eral
Gra
nts
an
d C
on
trac
ts$0
0.00
$4,0
88$1
,268
222.
4$3
1,02
1$2
6,03
819
.1(1
00.0
)
Mis
cell
aneo
us
Rev
enu
es
10,4
240.
252,
464
3,04
5(1
9.1)
29,2
0320
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42.4
(49.
2)
Tra
nsf
er (
to)
/ fr
om
Tra
nsp
ort
atio
n
T
rust
Fu
nd
16
4,57
93.
9084
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3,57
8#
164,
579
317,
520
(48.
2)(4
8.2)
T
ota
l H
igh
way
Mai
nte
nan
ce a
nd
Op
erat
ing
Fu
nd
$1
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46.2
8$3
42,3
14$1
94,4
4576
.0$2
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$1,9
81,3
512.
8(1
.4)
TR
AN
SP
OR
TA
TIO
N T
RU
ST
FU
ND
: M
oto
r F
uel
Tax
es
(In
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atio
n &
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ad T
axes
) $1
46,4
003.
47$2
7,20
8$2
1,37
227
.3$1
47,9
89$1
32,4
3011
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.5 P
TF
In
sura
nce
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miu
ms
Tax
150,
397
3.56
00
-15
0,39
713
0,76
915
.015
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oto
r V
ehic
le S
ales
an
d U
se T
ax
(In
clu
des
Ren
tal
Tax
) 24
2,90
05.
7523
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25,4
01(6
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251,
865
240,
750
4.6
0.9
Sta
te S
ales
an
d U
se T
ax70
6,50
016
.72
102,
637
59,1
8173
.471
6,97
563
1,34
313
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oto
r V
ehic
le L
icen
se F
ees
22,0
000.
522,
162
1,99
48.
421
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21,7
040.
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4 R
eco
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ion
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(2
cen
ts)
25,2
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603,
109
2,41
029
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24,8
8412
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3 I
nte
rest
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14,3
000.
341,
563
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6(0
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7,53
37,
159
5.2
99.7
T
ota
l S
tate
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es a
nd
Fee
s$1
,307
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30.9
6$1
60,4
94$1
11,9
3443
.4$1
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$1,1
89,0
3911
.410
.0
Oth
er R
even
ues
:
Fed
eral
Gra
nts
an
d C
on
trac
ts$9
02,5
1021
.37
$68,
067
$73,
967
(8.0
)$1
,271
,926
$1,2
44,6
192.
2(2
7.5)
R
ecei
pts
fro
m C
itie
s/C
ou
nti
es
203,
616
4.82
16,0
5414
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12.0
132,
187
81,4
7662
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9.9
T
oll
Rev
enu
es (
Incl
ud
es R
ou
te 2
8)
16,0
000.
381,
164
920
26.5
18,2
5417
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3.0
(9.8
)
Mis
cell
aneo
us
Rev
enu
es3,
669
0.09
4,11
47,
231
(43.
1)28
,335
30,0
27(5
.6)
(87.
8)
T
ota
l O
ther
Rev
enu
es$1
,125
,795
26.6
6$8
9,39
9$9
6,44
8(7
.3)
$1,4
50,7
02$1
,373
,852
5.6
(18.
1)
Tra
nsf
er (
to)
/ fr
om
Hig
hw
ay
M
ain
ten
ance
an
d O
per
atin
g F
un
d
($16
4,57
9)(3
.90)
($84
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)($
3,57
8)#
($16
4,57
9)($
317,
520)
48.2
48.2
To
tal
Tra
nsp
ort
atio
n T
rust
Fu
nd
$2
,268
,913
53.7
2$1
65,3
14$2
04,8
04(1
9.3)
$2,6
10,6
71$2
,245
,371
16.3
1.0
T
OT
AL
HIG
HW
AY
MA
INT
EN
AN
CE
AN
D
OP
ER
AT
ING
AN
D T
RA
NS
PO
RT
AT
ION
TR
US
T F
UN
D$4
,223
,316
100.
00$5
07,6
28$3
99,2
4927
.1$4
,648
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$4,2
26,7
2210
.0(0
.1)
#
Per
cen
tag
e is
gre
ater
th
an o
r eq
ual
to
1,0
00%
.
-
5 -
Jun
eY
ear-
To
-Dat
e
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
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
2200
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
Act
ual =
$17
,735
.6 M
illio
n
- 6 -
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
Act
ual =
$12
,328
.7 M
illio
n
- 7 -
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
M
AY
JUN
$ Millions
Indi
vidu
al a
nd F
iduc
iary
Inco
me
Tax
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
Act
ual =
$1,
757.
3 M
illio
n
- 8 -
DE
PA
RT
ME
NT
OF
TH
E T
RE
AS
UR
Y
Gen
eral
Acc
ou
nt
Inve
stm
ent
Po
rtfo
lio
Mo
nth
ly A
vera
ge
Bal
ance
s an
d R
ates
Fo
r th
e F
isca
l Y
ear
2015
(Do
llar
s in
Mil
lio
ns)
MO
NT
HP
RIM
AR
Y L
IQU
IDIT
YE
XT
ER
NA
L M
AN
AG
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EN
TC
OM
PO
SIT
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TR
EA
SU
RY
1 Y
R.
EX
TE
ND
ED
DU
RA
TIO
NC
ON
ST
AN
T
MA
TU
RIT
Y1
Ann
ualiz
ed
Avg
. B
alan
ceY
ield
Avg
. B
alan
ceT
otal
Ret
urn
Avg
. B
alan
ceR
ate
Yie
ld
July
, 20
14$4
,274
.20.
22%
$1,1
94.1
2-1
.73%
$5,4
68.3
2-0
.21%
0.11
%
Au
gu
st
$3,7
23.6
0.23
%$1
,197
.32
8.43
%$4
,920
.92
2.23
%2
0.11
%
Sep
tem
ber
$4,0
07.8
0.23
%$1
,198
.92
-5.0
6%$5
,206
.72
-0.9
9%0.
11%
Oct
ob
er$4
,230
.80.
24%
$1,2
00.1
8.02
%$5
,430
.91.
96%
0.10
%
No
vem
ber
$3,9
36.2
0.24
%$1
,207
.16.
39%
$5,1
43.3
1.68
%0.
13%
Dec
emb
er$3
,769
.90.
25%
$1,2
10.1
-0.4
1%$4
,980
.00.
09%
0.21
%
Jan
uar
y, 2
015
$4,1
81.3
0.24
%$1
,219
.118
.71%
$5,4
00.4
4.41
%0.
20%
Feb
ruar
y$4
,314
.10.
27%
$1,2
24.5
-7.7
5%$5
,538
.6-1
.50%
0.22
%
Mar
ch$4
,217
.60.
26%
$1,2
22.9
4.92
%$5
,440
.51.
31%
0.25
%
Ap
ril
$4,2
42.7
0.28
%$1
,224
.3-1
.86%
$5,4
67.0
-0.2
0%0.
23%
May
$4,5
30.8
0.27
%$1
,222
.8-0
.60%
$5,7
53.6
0.09
%0.
24%
Jun
e$4
,488
.20.
29%
$1,2
18.3
-8.0
8%$5
,706
.5-1
.50%
0.28
%
Yea
r-to
-Dat
e A
vera
ge
$4,1
59.8
0.25
%$1
,211
.61.
86%
$5,3
71.4
0.62
%0.
18%
▪ Per
form
ance
on
the
exte
nded
dur
atio
n po
rtion
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he G
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ccou
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nual
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tota
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urn
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otal
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es u
nrea
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the
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ver a
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ctua
tions
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out
and
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al r
etur
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proa
ches
the
por
tfol
io y
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.
▪ Una
udite
d.1
Fed
eral
Res
erve
Ban
k H
.15
Rel
ease
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GS
AM
bal
ance
cor
rect
ions
res
ulte
d in
rev
ised
Avg
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alan
ces
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Ext
erna
l Man
ager
s an
d C
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Jul
y, A
ugus
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r as
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l as
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sed
Com
posi
te R
ate
for
Aug
ust.
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Co
mm
on
wea
lth
of
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gin
ia/D
epar
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cco
un
tsR
epo
rt o
n t
he
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enu
e S
tab
iliza
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n F
un
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nth
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inn
ing
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ance
Dep
osi
tsW
ith
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wal
sIn
tere
st A
lloca
ted
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nd
ing
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ance
July
$6
87,5
30,1
04$0
$0$0
$687
,530
,104
Au
gu
st$6
87,5
30,1
04$0
$0$0
$687
,530
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Sep
tem
ber
$687
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$0$0
$0$6
87,5
30,1
04
Oct
ob
er$6
87,5
30,1
04$0
$0$1
,214
,889
$688
,744
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No
vem
ber
$688
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,993
$0$0
$0$6
88,7
44,9
93
Dec
emb
er$6
88,7
44,9
93$0
$0$0
$688
,744
,993
Jan
uar
y$6
88,7
44,9
93$0
$0$1
,327
,548
$690
,072
,541
Feb
ruar
y$6
90,0
72,5
41$0
$0$0
$690
,072
,541
Mar
ch$6
90,0
72,5
41$0
$0$0
$690
,072
,541
Ap
ril
$690
,072
,541
$0$0
$1,1
51,7
24$6
91,2
24,2
65
May
$691
,224
,265
$0$0
$0$6
91,2
24,2
65
Jun
e$6
91,2
24,2
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43,1
70,0
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)($
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717,
444)
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)$1
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Not
es:
(A)
(B)
(C)
Inte
rest
is e
arne
d m
onth
ly b
ut c
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ted
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e R
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ue S
tabi
lizat
ion
Fun
d on
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erly
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is.
A d
epos
it of
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as m
ade
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red
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em 2
62 B
of
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pter
665
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5 V
A A
cts
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ssem
bly.
A w
ithdr
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was
mad
e as
req
uire
d by
Item
262
D.4
of
Cha
pter
665
, 201
5 V
A A
cts
of A
ssem
bly.
-10-
FY
20
16
Es
tim
ate
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r C
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l
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wth
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ue
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ate
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n F
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20
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t
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me
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ros
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ax
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ota
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# P
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lyY
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ter
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5 V
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ts o
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6 E
stim
ate
Per
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(1)
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al
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201
6o
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e T
ax -
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$1
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f P
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& C
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#
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Rcp
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or
Su
pp
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of
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stit
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5,50
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In
tere
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0.37
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96,
325
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34.7
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iden
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t30
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0051
3450
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3.8)
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orf
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ees
209,
200
1.18
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19,3
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er R
even
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9,90
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0536
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s(8
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)(0
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0)(9
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3)
Pri
vate
Do
nat
ion
s, G
ifts
& C
on
t.0
0.00
00
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0-
(100
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Cit
ies,
Co
un
ties
, an
d T
ow
ns
8,30
00.
0530
233
7(1
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302
337
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1
T
ota
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er R
even
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$3
21,5
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5,83
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4,92
43.
6$2
5,83
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4,92
43.
610
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T
ota
l Gen
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Fu
nd
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7,72
0,70
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0)$1
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08,9
22(1
0.0)
(0.1
)
# P
erce
nta
ge
is g
reat
er t
han
or
equ
al t
o 1
,000
%.
- 2
-
(a)
Inte
rest
will
be
allo
cate
d in
acc
ord
ance
wit
h S
ecti
on
3-3
.03
of
Ch
apte
r 66
5, 2
015
Vir
gin
ia A
cts
of
Ass
emb
ly.
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
ts
Gen
eral
Fu
nd
Sta
tem
ent
of
Rev
enu
e C
olle
ctio
ns
and
Est
imat
es
Fo
r th
e F
isca
l Yea
rs 2
015
and
201
6
(Do
llars
in T
ho
usa
nd
s)
July
Yea
r-T
o-D
ate
% A
nn
ual
Gro
wth
FY
201
6%
%R
equ
ired
Est
imat
e(a
)F
Y 2
016
(b)
FY
201
5C
han
ge
FY
201
6(b
)F
Y 2
015
Ch
ang
e(c
)B
y E
stim
ate
Lotte
ry C
olle
ctio
ns
Tot
al L
otte
ry S
ales
$1,8
89,8
85$1
51,6
99$1
44,0
145.
3$1
51,6
99$1
44,0
145.
32.
5O
ther
Inco
me
1,00
035
52(3
2.7)
3552
(32.
7)(1
5.2)
Tot
al In
com
e$1
,890
,885
$151
,734
$144
,066
5.3
$151
,734
$144
,066
5.3
2.5
Less
:
Pri
ze E
xpen
ses
$1,1
42,9
22$8
7,54
9$8
4,59
23.
5$8
7,54
9$8
4,59
23.
52.
4
Ret
aile
r C
omm
issi
ons
106,
406
8,86
38,
160
8.6
8,86
38,
160
8.6
2.4
O
pera
ting
Exp
ense
s10
9,88
96,
275
6,29
2(0
.3)
6,27
56,
292
(0.3
)21
.4
Tot
al E
xpen
ses
$1,3
59,2
17$1
02,6
87$9
9,04
43.
7$1
02,6
87$9
9,04
43.
73.
7
Net
Pro
ceed
s fr
om O
pera
tions
N
et L
otte
ry T
icke
t Pro
fits
$531
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$49,
047
$45,
022
8.9
$49,
047
$45,
022
8.9
0.4
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
31,6
68$4
9,04
7$4
5,02
28.
9$4
9,04
7$4
5,02
28.
9(4
.6)
(a)
Est
imat
e es
tabl
ishe
d by
Cha
pter
665
, 20
15 V
irgin
ia A
cts
of A
ssem
bly.
Prio
r Y
ear
Res
idua
l Pro
fit T
rans
fer
will
be
refle
cted
aft
er t
he
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
015
and
201
6(D
olla
rs in
Th
ou
san
ds)
July
Yea
r-T
o-D
ate
% A
nn
ual
As
a %
Gro
wth
FY
201
6o
f T
ota
l%
%R
equ
ired
Rev
enu
eE
stim
ate
Fu
nd
FY
201
6F
Y 2
015
Ch
ang
eF
Y 2
016
FY
201
5C
han
ge
By
Est
imat
e
Mo
tor
Fu
el T
axes
$8
50,2
0018
.90
$10,
886
$1,3
9767
9.2
$10,
886
$1,3
9767
9.2
17.7
Pri
ori
ty T
ran
spo
rtat
ion
Fu
nd
(P
TF
) 15
0,34
63.
343,
448
3,20
67.
53,
448
3,20
67.
50.
0
Mo
tor
Veh
icle
Sal
es a
nd
Use
Tax
875,
600
19.4
786
,565
79,4
119.
086
,565
79,4
119.
0(1
.7)
Sta
te S
ales
an
d U
se T
ax
1,00
7,30
022
.39
38,6
0262
,894
(38.
6)38
,602
62,8
94(3
8.6)
1.3
Mo
tor
Veh
icle
Lic
ense
Fee
s24
4,60
05.
4423
,155
21,9
755.
423
,155
21,9
755.
4(0
.2)
Inte
rnat
ion
al R
egis
trat
ion
Pla
n
60,4
001.
345,
488
5,30
53.
45,
488
5,30
53.
4(8
.5)
Rec
ord
atio
n T
ax
37,9
000.
844,
314
3,75
514
.94,
314
3,75
514
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.8)
Inte
rest
Ear
nin
gs
14,8
000.
330
0-
00
-96
.5
Mis
c. T
axes
, Fee
s, a
nd
Rev
enu
es
15,7
000.
351,
357
1,82
4(2
5.6)
1,35
71,
824
(25.
6)(1
4.3)
T
ota
l Sta
te T
axes
an
d F
ees
$3,2
56,8
4672
.40
$173
,815
$179
,767
(3.3
)$1
73,8
15$1
79,7
67(3
.3)
3.8
# 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
015
and
201
6
(Do
llars
in T
ho
usa
nd
s)
July
Yea
r-T
o-D
ate
% A
nn
ual
As
a %
Gro
wth
FY
201
6o
f T
ota
l%
%R
equ
ired
Rev
enu
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stim
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Fu
nd
FY
201
6F
Y 2
015
Ch
ang
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Y 2
016
FY
201
5C
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
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$679
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15.1
0$8
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9)#
$8,5
96($
689)
#18
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oto
r V
ehic
le S
ales
an
d U
se T
ax62
8,30
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.97
62,7
8057
,655
8.9
62,7
8057
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8.9
(1.6
) S
tate
Sal
es a
nd
Use
Tax
28
1,70
06.
2611
,220
20,2
90(4
4.7)
11,2
2020
,290
(44.
7)1.
4 M
oto
r V
ehic
le L
icen
se F
ees
222,
700
4.95
21,1
6819
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6.1
21,1
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6.1
(0.3
) I
nte
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al R
egis
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Pla
n
60,4
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345,
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5,30
53.
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488
5,30
53.
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Rec
ord
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ax (
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12
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1,43
81,
252
14.9
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81,
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) M
isc.
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es,
Fee
s, a
nd
Rev
enu
es15
,700
0.35
1,35
71,
824
(25.
6)1,
357
1,82
4(2
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(14.
3)
To
tal
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te T
axes
an
d F
ees
$1,9
00,6
0042
.25
$112
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$105
,586
6.1
$112
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$105
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6.1
4.8
Oth
er R
even
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nts
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$2,5
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M
isce
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s R
even
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14
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0.32
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945
4.6
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945
4.6
(50.
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Tra
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to)
/ fr
om
Tra
nsp
ort
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n
T
rust
Fu
nd
12
2,48
92.
720
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00
-(2
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T
ota
l H
igh
way
Mai
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$2
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15,5
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926.
00.
0
TR
AN
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OR
TA
TIO
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RU
ST
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uel
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869.
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815
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TF
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nce
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ms
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150,
346
3.34
3,44
83,
206
7.5
3,44
83,
206
7.5
0.0
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tor
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icle
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es a
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enta
l T
ax)
247,
300
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23,7
8521
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9.3
23,7
8521
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) S
tate
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Use
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725,
600
16.1
327
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42,6
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27,3
8242
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2 M
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491,
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562,
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s$1
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5$6
1,76
8$7
4,18
1(1
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768
$74,
181
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4
Oth
er R
even
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:
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nts
an
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68,3
2821
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$337
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12.8
$380
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23
7,18
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272,
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ll R
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16
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cell
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832
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ota
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ther
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,227
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27.2
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84,7
32$3
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om
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hw
ay
M
ain
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per
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25.6
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tal
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ort
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n T
rust
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nd
$2
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54.7
1$4
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00$4
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46,5
00$4
16,2
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3(5
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T
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AY
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Per
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gre
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th
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r eq
ual
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.
-
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July
Yea
r-T
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ate
Co
mm
on
wea
lth
of
Vir
gin
ia/D
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tmen
t o
f A
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ts
Hig
hw
ay M
ain
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atin
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Tra
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n T
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Fu
nd
Rev
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Sta
tem
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of
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e E
stim
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s F
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the
Fis
cal
Yea
rs 2
015
and
201
6(D
oll
ars
in T
ho
usa
nd
s)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
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
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al F
und
Rev
enue
s
FY 2
016
FY 2
015
FY 2
014
FY 2
014
Act
ual =
$16
,411
.4 M
illio
n FY
201
5 A
ctua
l = $
17,7
35.6
Mill
ion
FY 2
016
Est
imat
e =
$17,
720.
7 M
illio
n
- 6 -
$1,0
88.3
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
016
FY 2
015
FY 2
014
FY 2
014
Act
ual =
$11
,253
.3 M
illio
n FY
201
5 A
ctua
l = $
12,3
28.7
Mill
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FY 2
016
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imat
e =
$12,
219.
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illio
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- 7 -
$884
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n
0 50
100
150
200
250
300
350
400
450
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AU
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NO
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JAN
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MA
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AY
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$ Millions
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me
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Ref
unds
FY 2
016
FY 2
015
FY 2
014
FY 2
014
Act
ual =
$1,
755.
8 M
illio
n FY
201
5 A
ctua
l = $
1,75
7.3
Mill
ion
FY 2
016
Est
imat
e =
$1,8
40.6
Mill
ion
- 8 -
$41.
8 m
illio
n
DE
PA
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ME
NT
OF
TH
E T
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Y
Gen
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Inve
stm
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Po
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Mo
nth
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Bal
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s an
d R
ates
Fo
r th
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ear
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(Do
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MO
NT
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RIM
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IQU
IDIT
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15$4
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16.6
5.34
%$5
,667
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0.30
%
Au
gu
st
Sep
tem
ber
Oct
ob
er
No
vem
ber
Dec
emb
er
Jan
uar
y, 2
016
Feb
ruar
y
Mar
ch
Ap
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May
Jun
e
Yea
r-to
-Dat
e A
vera
ge
$4,4
51.3
0.29
%$1
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.65.
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$5,6
67.9
1.37
%0.
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▪ Per
form
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the
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and
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ield
.
▪ Una
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Fed
eral
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k H
.15
Rel
ease
.
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Co
mm
on
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lth
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gin
ia/D
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tab
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$4
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