Government-wide Financial Statements

Commonwealth of Virginia 39

Statement of Net Position

June 30, 2020

(Dollars in Thousands)

Primary Government

Governmental Activities

Business-typeActivities Total

ComponentUnits

Assets and Deferred Outflows of Resources

Cash and Cash Equivalents (Notes 1 and 7) $ 9,456,237 $ 1,190,040 $ 10,646,277 $ 3,838,038

Investments (Notes 1 and 7) 4,218,648 2,665,094 6,883,742 12,727,375

Assets Held Pending Distribution (Note 1) 7,979 119,871 127,850 —

Receivables, Net (Notes 1 and 8) 7,464,964 479,763 7,944,727 15,309,100

Contributions Receivable, Net (Notes 1 and 9) — — — 620,858

Internal Balances (Note 1) 77,837 (77,837) — —

Due from Primary Government (Note 10) — — — 37,252

Due from Component Units (Note 10) 26,316 — 26,316 125,284

Due from External Parties (Fiduciary Funds) (Note 10) 1,298 — 1,298 —

Inventory (Note 1) 233,053 97,380 330,433 157,619

Prepaid Items (Note 1) 115,304 3,660 118,964 152,158

Other Assets (Notes 1 and 11) 4,074 247 4,321 184,249

Loans Receivable from Primary Government (Notes 1 and 10) — — — 187,175

Loans Receivable from Component Units (Notes 1 and 10) 55,824 — 55,824 —

Restricted Cash and Cash Equivalents (Notes 7 and 12) 1,601,482 — 1,601,482 2,873,355

Restricted Investments (Notes 7 and 12) 347,038 — 347,038 7,316,354

Other Restricted Assets (Note 12) 116,272 4,592 120,864 352,602

Nondepreciable Capital Assets (Notes 1 and 13) 8,807,288 24,485 8,831,773 3,480,931

Depreciable Capital Assets, Net (Notes 1 and 13) 25,801,661 39,993 25,841,654 19,888,808

Total Assets 58,335,275 4,547,288 62,882,563 67,251,158

Deferred Outflows of Resources (Notes 1, 14, 15, 16, and 18) 1,243,790 41,913 1,285,703 1,186,737

Total Assets and Deferred Outflows of Resources 59,579,065 4,589,201 64,168,266 68,437,895

Liabilities and Deferred Inflows of Resources

Accounts Payable (Notes 1 and 25) 1,426,126 110,412 1,536,538 1,404,523

Amounts Due to Other Governments 1,291,867 20,253 1,312,120 116,876

Due to Primary Government (Note 10) — — — 26,316

Due to Component Units (Note 10) 37,252 — 37,252 125,284

Due to External Parties (Fiduciary Funds) (Note 10) 36,835 1,068 37,903 36,698

Unearned Revenue (Note 1) 430,646 5,625 436,271 495,822

Obligations Under Securities Lending (Notes 1 and 7) 997,270 106,579 1,103,849 74,812

Due to Claimants, Participants, Escrows and Providers (Note 1) 1,529,975 199,098 1,729,073 —

Other Liabilities (Notes 1, 15, and 26) 2,382,126 85,077 2,467,203 2,290,461

Loans Payable to Primary Government (Notes 1 and 10) — — — 55,824

Loans Payable to Component Units (Notes 1 and 10) 187,175 — 187,175 —

Claims Payable (Notes 1 and 24): Due Within One Year Due in More Than One Year 827,868 35,111 862,979 31,463

Long-term Liabilities (Notes 1, 22, 23, and 27): Due Within One Year 678,391 308,949 987,340 1,654,967

Due in More Than One Year 13,753,606 1,846,178 15,599,784 30,367,485

Total Liabilities 23,780,855 2,782,784 26,563,639 36,696,440

Deferred Inflows of Resources (Notes 1, 14, 15, 16, 18, and37) 5,815,872 27,624 5,843,496 929,281

Total Liabilities and Deferred Inflows of Resources 29,596,727 2,810,408 32,407,135 37,625,721

The accompanying notes are an integral part of this financial statement.

40 Commonwealth of Virginia

201,718 64,434 266,152 15,909

Primary Government

Governmental Activities

Business-typeActivities Total

ComponentUnits

Net Position

Net Investment in Capital Assets 26,757,676 63,514 26,821,190 12,901,804

Restricted For: Nonexpendable:

Higher Education — — — 4,652,252

Permanent Funds 38,258 — 38,258 —

Other — — — 172,707

Expendable: Agriculture and Forestry 9,341 — 9,341 —

Bond Indenture — — — 3,220,945

Capital Projects/Construction/Capital Acquisition 37,745 — 37,745 1,935,668

Contract and Debt Administration 1,120 — 1,120 —

COVID-19 2,334,846 — 2,334,846 —

Debt Service 119,879 — 119,879 167,316

Economic and Technological Development 57 — 57 —

Educational and Training Programs 1,229 — 1,229 —

Employee Benefit Administration 7,545 — 7,545 —

Environmental Quality and Natural Resource Preservation 24,330 — 24,330 —

Gifts and Grants 115,027 — 115,027 149,596

Health and Public Safety 78,197 — 78,197 —

Higher Education — — — 6,567,537

Literary Fund 66,679 — 66,679 —

Lottery Proceeds Fund 21,711 — 21,711 —

Net Other Postemployment Benefit - Virginia Sicknessand Disability Program 118,162 4,415 122,577 75,649

Permanent Funds 1,875 — 1,875 —

Revenue Stabilization Fund 635,842 — 635,842 —

Transportation Activities 940,043 — 940,043 —

Unemployment Compensation Trust Fund — 661,206 661,206 —

Virginia Pooled Investment Program — — — 7,760

Virginia Water Supply Assistance Grant Fund 1,764 — 1,764 —

Other 2,288 — 2,288 16,033

Unrestricted (1,331,276) 1,049,658 (281,618) 944,907

Total Net Position $ 29,982,338 $ 1,778,793 $ 31,761,131 $ 30,812,174

Commonwealth of Virginia 41

Statement of Activities

For the Fiscal Year Ended June 30, 2020

(Dollars in Thousands)

Expenses Charges for

Services

Program Revenues

Operating Grants and

Contributions

Capital Grants and

Contributions

Functions/Programs

Primary Government Governmental Activities

General Government $ 4,017,200 $ 337,732 $ 3,313,929 $ 25,279

Education 11,540,916 633,512 1,138,240 5,662

Transportation 5,175,108 821,311 53,345 1,411,271

Resources and Economic Development 1,157,514 405,745 202,831 20,600

Individual and Family Services 24,120,218 257,939 16,682,296 109

Administration of Justice 3,180,334 240,803 97,576 102

Interest and Charges on Long-term Debt 262,104 — — —

Total Governmental Activities 49,453,394 2,697,042 21,488,217 1,463,023

Business-type Activities

Virginia Lottery 1,542,387 2,149,230 — —

Virginia College Savings Plan 56,103 95,276 — —

Unemployment Compensation 1,245,599 371,604 66,304 —

Alcoholic Beverage Control 792,159 1,000,670 — 9,969

Risk Management 17,923 14,361 — —

Local Choice Health Care 421,706 492,393 — —

Line of Duty 16,696 17,324 — —

Advantage Vanpool Self Insurance Fund 273 746 — —

Virginia Industries for the Blind 52,050 50,645 — —

Consolidated Laboratory 13,770 14,307 — —

eVA Procurement System 22,056 23,329 — —

Department of Environmental Quality Title V 12,193 13,160 — —

Wireless E-911 43,200 66,092 — —

Museum and Library Gift Shops 6,148 5,503 — —

Behavioral Health Canteen and Work Activity 355 372 — —

Total Business-type Activities 4,242,618 4,315,012 66,304 9,969

Total Primary Government $ 53,696,012 $ 7,012,054 $ 21,554,521 $ 1,472,992

Component Units

Virginia Housing Development Authority

Virginia Public School Authority

Virginia Resources Authority

Virginia College Building Authority

Nonmajor Total Component Units

$

$

424,558

123,118

177,146

824,950

17,113,891

18,663,663

$

$

393,424

122,547

121,243

65,886

11,495,328

12,198,428

$

$

99,769

7,321

28,884

40,443

2,887,072

3,063,489

$

$

—

—

108,846

3,784

729,565

842,195

The accompanying notes are an integral part of this financial statement.

42 Commonwealth of Virginia

Net (Expense) Revenue and Changes in Net Position

Primary Government

Governmental Business-type Component Activities Activities Total Units

$ (340,260) $ — $ (340,260) $ —

(9,763,502) — (9,763,502) —

(2,889,181) — (2,889,181) —

(528,338) — (528,338) —

(7,179,874) — (7,179,874) —

(2,841,853) — (2,841,853) —

(262,104) — (262,104) —

(23,805,112) — (23,805,112) —

— 606,843 606,843 —

— 39,173 39,173 —

— (807,691) (807,691) —

— 218,480 218,480 —

— (3,562) (3,562) —

— 70,687 70,687 —

— 628 628 —

— 473 473 —

— (1,405) (1,405) —

— 537 537 —

— 1,273 1,273 —

— 967 967 —

— 22,892 22,892 —

— (645) (645) —

— 17 17 —

— 148,667 148,667 —

(23,805,112) 148,667 (23,656,445) —

— — — 68,635

— — — 6,750

— — — 81,827

— — — (714,837) — — — (2,001,926) — — — (2,559,551)

Continued on next page

Commonwealth of Virginia 43

Statement of Activities (Continued from previous page) For the Fiscal Year Ended June 30, 2020

(Dollars in Thousands)

Net (Expense) Revenue and Changes in Net Position

Primary Government

Governmental Business-type Component Activities Activities Total Units

General Revenues

Taxes

Individual and Fiduciary Income 15,666,185 — 15,666,185 —

Sales and Use 5,720,715 — 5,720,715 —

Corporation Income 1,074,334 — 1,074,334 —

Motor Fuel 1,101,139 — 1,101,139 —

Motor Vehicle Sales and Use 940,706 — 940,706 —

Communications Sales and Use 346,831 — 346,831 —

Deeds, Contracts, Wills, and Suits 554,295 — 554,295 —

Premiums of Insurance Companies 549,082 — 549,082 —

Alcoholic Beverage Sales 193,675 — 193,675 —

Tobacco Products 162,294 — 162,294 —

Public Service Corporations 110,481 — 110,481 —

Beer and Beverage Excise 42,199 — 42,199 —

Wine and Spirits/ABC Liter 30,487 — 30,487 —

Bank Stock 26,721 — 26,721 —

Other Taxes 814,828 9,141 823,969 —

Operating Appropriations from Primary Government — — — 2,651,300

Unrestricted Grants and Contributions 56,326 — 56,326 150,595

Investment Earnings 246,685 2,091 248,776 460,449

Miscellaneous 469,124 23 469,147 201,931

Transfers 855,786 (855,786) — —

Contributions to Permanent and Term Endowments — — — 255,541

Total General Revenues, Transfers, and Contributions 28,961,893 (844,531) 28,117,362 3,719,816

Change in Net Position 5,156,781 (695,864) 4,460,917 1,160,265

Net Position, July 1, as restated (Note 2) 24,825,557 2,474,657 27,300,214 29,651,909

Net Position, June 30 $ 29,982,338 $ 1,778,793 $ 31,761,131 $ 30,812,174

The accompanying notes are an integral part of this financial statement.

44 Commonwealth of Virginia