Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
August 21, 2017
Review of General Fund Revenues and the Virginia Economy g y
for Fiscal Year 2017
A presentation to the Senate Finance, House Appropriations, and House Finance Committees
Richard D. BrownRichard D. BrownSecretary of Finance
Overview…
Fiscal Year 2017 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
Looking Forward
• July 2017 General Fund Collections
• Fall Forecasting Process
1
In Fiscal Year 2017, The U.S. Economy Performed Near Expectations, While Virginia’s Economic Performance Was Slightly BelowEconomic Performance Was Slightly Below What Was Projected…
• As measured on a fiscal year basis (July through June), estimated real GDP increased 2.0 percent, slightly above th f t hil ti ll l i dthe forecast, while nationally, personal income and wages and salaries grew slightly less that expected.
• In Virginia, growth in employment, personal income, and wages and salaries was below the forecast based onwages and salaries was below the forecast based on available data.
Summary of Key U.S. and Virginia Economic IndicatorsPercent Change Over the Prior Fiscal Year
FY16 Actual
FY17 Forecast
FY17 Actual
U.S.
Real GDP 1.7 1.7 2.0
Consumer Spending 2.7 2.8 2.9p g
Employment 1.9 1.5 1.6
Personal Income 3.8 3.8 3.4
Wages & Salaries 4.6 4.3 3.5
Virginia
Employment 2.3 1.5 1.1
Professional/Business 3.2 3.5 1.8
Construction/Mining 2.8 4.6 0.3
Education/Health 3.8 2.0 3.1
Government 0.2 0.5 0.4
2
* FY17 Actual data is based on the first 3 quarters of the fiscal year. Fourth quarter data will be released in the fall and expectations are for continuing improvement based on withholding receipts.
Personal Income* 4.1 3.9 3.4
Wages & Salaries* 4.3 4.4 3.4
Including Transfers, Fiscal Year 2017 General Fund Resources Grew 4.0 Percent and Finished $136.6 Million (0.7 Percent)and Finished $136.6 Million (0.7 Percent) Above Forecast…
Summary of Fiscal Year 2017 Revenue Collections(millions of dollars)
Major Sources Official Actual Change
Withholding $11,713.3 $11,895.4 $182.1 3.6 % 5.2 %
Nonwithholding 3,048.5 3,018.5 (30.0) (0.7) (1.7)
% Growth Over FY16Official Actual
g ( ) ( ) ( )
Refunds (1,848.0) (1,861.0) (13.0) 1.5 2.2
Net Individual $12,913.8 $13,052.9 $139.1 2.9 % 4.0 %
Sales $3,386.8 $3,357.1 ($29.7) 2.8 % 1.9 %
Corporate 794.2 827.0 32.8 3.8 8.1
Wills (Recordation) 398.6 394.4 (4.2) 8.0 6.9
Insurance 344.1 340.9 (3.2) 1.5 0.5
All Other Revenue 723.5 722.9 (0.6) 1.1 1.0
Total Revenue $18,561.0 $18,695.1 $134.1 2.9 % 3.6 %
A.B.C. Profits $108.4 $110.5 $2.1 25.3 % 27.7 %
Sales Tax (0.375%) 365.4 365.9 0.5 2.8 2.9
Transfers 177.0 176.9 (0.1) 48.0 47.9
Total Transfers $650.8 $653.3 $2.5 15.9 % 16.3 %
• The gain in payroll withholding and the corporate income tax, about $215 million, was somewhat offset by shortfalls in
TOTAL GENERAL FUND $19,211.8 $19,348.4 $136.6 3.3 % 4.0 %
nonwithholding and sales tax collections.
3
Fiscal Year 2017 General Fund Revenue Grew At an Average Pace of 3.6 Percent…
14%
Growth in Total General Fund Revenue CollectionsFY17 Monthly and Year-to-Date
8.1%
4 6%
8%
10%
12%
Forecast: 2.9%
3.7% 3.6% 3.5%
5.4%
4.0%4.6% 4.5%
4.6%
3.6% 3.7% 3.6%
2%
4%
6%
-4%
-2%
0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
• Total general fund revenue collections exceeded the forecast by $134.1 million, excluding transfers in fiscal year 2017, a forecast variance of 0.7 percent.
Growth: 3.7% 12.0% -2.4% 3.4% 13.4% -1.0% 7.4% 3.6% 5.7% -3.4% 4.6% 3.0%
• Total general fund revenue collections rose 3.6 percent, ahead of the annual forecast of 2.9 percent growth.
4
Payroll Withholding Tax Collections Exceeded The Annual Estimate By $182.1 Milli (1 6 P t) I Fi l Y 2017Million (1.6 Percent) In Fiscal Year 2017…
20%
Growth in Withholding Tax CollectionsFY17 Monthly and Year-to-Date
9.5%10%
12%
14%
16%
18%
Forecast: 3.6%
4.1%4.3%
7.1%
4.5% 5.0% 5.0%5.3%
4.8% 5.1%5.2%
0%
2%
4%
6%
8%
Forecast: 3.6%
1.4%
-6%
-4%
-2%
0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
Growth: 1 4% 17 7% -5 8% 4 8% 18 9% -5 8% 8 0% 5 0% 6 8% 0 7% 8 2% 6 4%
• Collections of payroll withholding taxes, 63 percent of total general fund revenues, grew 5.2 percent, above the annual estimate of 3.6 percent. This is significantly improved from
Growth: 1.4% 17.7% 5.8% 4.8% 18.9% 5.8% 8.0% 5.0% 6.8% 0.7% 8.2% 6.4%
p g y pthe past fiscal year, which grew 2.4 percent.
• Both employment and wage and salary gains are the drivers of this source.
5
The Acceleration in Withholding was Broad-Based and Included Strong Growth in Large g gBusinesses…
Withholding Tax CollectionsFiscal Years 2015 - 2017
Millions of Dollars
# of FirmsIndustry (% of Total $ Amount) in FY16 FY16 FY17 FY15 FY16 FY17
Millions of Dollars Percent Changey (% $ )
Public Sector (18%) 93 $2,019.7 $2,086.8 3.9% 2.9% 3.3%Education and Health Services (8%) 244 $854.9 $941.8 4.2% 6.1% 10.2%Federal Contractors (4%) 192 $431.5 $459.2 -2.6% -1.9% 6.4%Finance (3%) 134 $316 8 $376 2 3 1% 6 7% 18 8%Finance (3%) 134 $316.8 $376.2 3.1% 6.7% 18.8%Professional and Business Services (3%) 538 $344.4 $374.8 6.1% 5.9% 8.8%Investment (2%) 148 $219.7 $267.1 14.6% 7.1% 21.6%Manufacturing (1%) 174 $155.3 $158.1 -1.8% 0.5% 1.8%Transportation (1%) 41 $118 6 $135 6 1 6% 2 5% 14 3%Transportation (1%) 41 $118.6 $135.6 1.6% 2.5% 14.3%Housing (1%) 47 $98.6 $101.0 6.1% 14.7% 2.5%Other (4%) 720 $438.4 $485.7 3.1% -9.4% 10.8%
T t l L P (45%) 2 331 $4 997 8 $5 386 3 3 5% 2 5% 7 8%
Large Payers Include Payments in Excess of $100,000
Total Large Payers (45%) 2,331 $4,997.8 $5,386.3 3.5% 2.5% 7.8%Total Small Payers (55%) 242,267 $6,308.5 $6,509.1 6.8% 2.3% 3.2%Total All 244,598 $11,306.3 $11,895.4 5.3% 2.4% 5.2%
6
Individual Income Tax Nonwithholding Collections Were $30.0 (1.0 Percent) Behind Th A l E ti t I Fi l Y 2017The Annual Estimate In Fiscal Year 2017…
Growth in Estimated and Final Payments, FY97-FY17Percent Growth Over the Prior Year
60%
30%
40%
50%
60%
Estimated Payments
Final Payments
0%
10%
20%
30%
30%
-20%
-10%
0%
• Collections of nonwithholding, 16 percent of total revenues and one of the most olatile re en e so rces ere slightl
-40%
-30%
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
and one of the most volatile revenue sources, were slightly behind expectations. Had not the Collar of $185 million been applied, the shortfall would have been much larger.
• Total nonwithholding collections fell 1.7 percent in fiscal g pyear 2017 compared with the annual estimate of a 0.7 percent decline.
7
Total Sales Tax Collections Fell Short of The Annual Estimate By $29.7 Million (0 9 P t) I Fi l Y 2017(0.9 Percent) In Fiscal Year 2017…
Growth in Sales Tax Collections FY17 Monthly and Year-to-Date
6.1%
6%
9%
12%
2.7%
0.2%-0.3%
-0 2%
0.9% 1.4% 1.5% 1.3% 1.6% 1.9%0%
3%
Forecast: 2.8%
-2.5%
0.2%
-9%
-6%
-3%
-12%Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Monthly Year-to-Date
Monthly
Growth: 6.1% 1.1% -3.5% -1.5% -9.2% 10.4% 6.3% 5.3% 2.8% -0.3% 4.1% 3.3%
• On a year-to-date basis, collections increased 1.9 percent, behind theannual estimate of 2.8 percent growth.
• Sales tax collections performed better in the second half of the fiscal year, as nationally economic conditions (especially employment)
8
year, as nationally economic conditions (especially employment) continued to improve.
Despite Declines in Supercenters, Department Stores, and Other Retail / Wholesale Business, Sales Tax Gains Occurred in Housing, GrocerySales Tax Gains Occurred in Housing, Grocery Stores and Leisure and Hospitality…
Sales Tax CollectionsFiscal Years 2015 - 2017
Millions of Dollars
# of Firms
Industry (% of Total $ Amount) in FY16 FY16 FY17 FY15 FY16 FY17
Housing (15%) 177 $504 1 $523 4 5 7% 2 3% 3 8%
Millions of Dollars Percent Change
Housing (15%) 177 $504.1 $523.4 5.7% 2.3% 3.8%
Warehouse Clubs/Supercenters (12%) 6 $429.8 $425.9 3.7% 4.0% ‐0.9%
Department Stores (9%) 126 $332.7 $326.5 0.7% ‐7.7% ‐1.9%
Grocery Stores (9%) 23 $317.8 $325.3 0.7% ‐2.1% 2.4%
R t il T d (9%) 112 $316 1 $313 0 2 3% 5 7% 1 0%Retail Trade (9%) 112 $316.1 $313.0 2.3% 5.7% ‐1.0%
Restaurants (4%) 90 $151.8 $153.5 3.2% ‐4.8% 1.1%
Wholesale Trade (2%) 78 $101.3 $76.5 3.0% 36.6% ‐24.4%
Leisure and Hospitality (2%) 63 $50.8 $54.9 13.9% ‐3.8% 8.0%
Gasoline Stores (1%) 24 $45.8 $47.1 5.4% ‐4.9% 2.8%
Other (5%) 363 $152.1 $168.2 3.1% ‐1.7% 10.5%
Total Large Payers (68%) 1,062 $2,402.3 $2,414.2 3.2% 1.0% 0.5%
Large Payers Include Payments in Excess of $100,000
• Other industry is primarily manufacturing, telecommunications,
Total 124,879 $3,443.0 $3,541.3 4.9% 2.2% 2.9%
9
y p y g, ,rental/leasing services and energy companies.
Other Revenue Sources Were Mixed Relative To Their Respective Forecasts In Fi l Y 2017Fiscal Year 2017…
Corporate Income Tax
• Corporate income tax collections exceeded its forecast by $32.8 million (4.1 percent), advancing 8.1%.
Wills, Suits, Deeds, and Contracts (Recordation Tax)
• Wills, Suits, Deeds, and Contracts (primarily recordation tax collections) finished $4.2 million behind the annual forecast (1.1 percent), advancing 6.9%.
– The first half of the fiscal year saw continued gains in the housing market, while the last 5 months were flat.
Insurance Premiums Tax
I i t ll ti f ll h t f th l• Insurance premiums tax collections fell short of the annual estimate by $3.2 million (0.9 percent).
All Other Revenues
• All Other Revenues finished $0.6 million behind expectations (0.1 percent variance).
– Declines in most minor sources were partially offset by estate taxes payments due from 2007 and prior years.
10
Commonwealth Transportation Fund (CTF) Revenues Finished Fiscal Year 2017$31 7 Milli Ah d f th Offi i l E ti t$31.7 Million Ahead of the Official Estimate…
Summary of Fiscal Year 2017 Revenue CollectionsCommonwealth Transportation Fund
(millions of dollars)( )Actual Collections Compared to the Official Forecast for Fiscal Year 2017
(Millions of Dollars)
Percent Change
FY2016 FY2017 FY2017 2016-2017 Forecast Variance
Revenue Sources Actual Actual Forecast Actual Forecast Amount Percent
Motor Fuels Tax 848.3 857.9 856.0 1.1% 0.9% 1.9 0.2%
Road Use Tax 10.9 12.3 11.1 12.8 1.8 1.2 10.8
Vehicle Sales Tax 918.9 957.7 938.0 4.2 2.1 19.7 2.1
Vehicle Licenses 253.4 260.2 253.0 2.7 (0.2) 7.2 2.8
State Sales Tax 1 000 5 1 020 4 1 023 1 2 0 2 3 -2 7 -0 3State Sales Tax 1,000.5 1,020.4 1,023.1 2.0 2.3 -2.7 -0.3
Recordation Tax 44.2 48.1 47.2 8.8 6.8 0.9 1.9
Insurance Premiums Tax 150.3 163.1 163.1 8.5 8.5 0.0 0.0
Int'l Registration Plan 67.7 66.2 68.1 (2.2) 0.6 -1.9 -2.8
Interest Earnings 3.7 6.4 3.3 73.0 (10.8) 3.1 93.9
Rental Tax 37.5 39.5 38.5 5.3 2.7 1.0 2.6
Aviation Fuels Tax 1.8 2.0 1.8 11.1 0.0 0.2 11.1
Miscellaneous 18.4 18.4 17.3 0.0 (6.0) 1.1 6.4
TOTAL $3,355.6 $3,452.2 $3,420.5 2.9% 1.9% $31.7 0.9%
• Total revenue growth was ahead of target with a 0.9 percent forecast variance.
As required by Section 33.1-23.03:8A(2) of the Code of Virginia , all revenues that exceed the official forecast are deposited into the Priority Transportation Fund.
11
– The forecast variance was due to stronger than expected motor vehicle sales tax collections.
The Fiscal Year 2017 Revenue Surplus will be Used for Various Reserves on the Commonwealth’s Balance Sheet…
Preliminary Balance SheetGeneral Fund - Budgetary (Cash) Basis (Unaudited)
Fiscal Year 2017(millions of dollars)( )
Assets
Cash, Cash Equivalents, and Investments $ 1,424.6
Cash, Travel Advances and Amounts Due from Other Funds 0.9
Total Assets $ 1,425.5
Liabilities and Fund Equity
Liabilities:
Payments Awaiting Distribution 76.4
Deposits Pending Distribution and Amounts Due to Other Funds 9.3
Total Liabilities $ 85.7
Fund Equity:
Reserved Fund Balance:
Revenue Stabilization Reserve Fund - 6/30/17 548.8
Additional Revenue Stabilization Deposit from 2017Additional Revenue Stabilization Deposit from 2017 -
Lottery Proceeds Fund 4.0
Water Supply Assistance Grant Fund 4.3
Total Reserved Fund Balance 557.1
Commitments and Assignments:
Reappropriation 2017 Unexpended Bal. for Cap Outlay 103.3
Central Capital Planning Fund 2.5
Communication Sales and Use Tax 35.6
Natural Disaster Sum Sufficient 11.2
Amount Required for Mandatory Reappropriations 66.2
Virginia Health Care Fund 28.1
Virginia Water Quality Improvement Fund Deposit - Part A 13.4
Virginia Water Quality Improvement Fund Deposit - Part B 9.1
Balance Required by Chapter 836 148 0Balance Required by Chapter 836 148.0
Revenue Cash Reserve 60.4
Capital Projects Reserve 60.4
Local Government Fiscal Distress Fund 0.5
Nonrecurring Expenditure 0.7
Transportation Trust Fund 1.4
Amount Required for Discretionary Reappropriations 80.0
12
Select NGF Balances 161.9
Total Committed and Assigned Fund Balance 782.7
Total Fund Equity 1,339.8
Total Liabilities and Fund Balance $ 1,425.5
A Mandatory Deposit of $605.6 Million Was Made to the Revenue Stabilization Fund in FY2017 A W ll A A Withd l f $294 7FY2017 As Well As A Withdrawal of $294.7 Million. The Fund Balance was $548.8 Million as of June 30, 2017…
Revenue Stabilization Fund June 30 BalanceRevenue Stabilization Fund – June 30 BalanceFY1995-2017 Actual and FY 2018 Forecast
(millions of dollars)
$1,200
$1,064.7
$1,189.8
$800
$1,000
$715.6
$ ,
$1,014.9
$687.5
$400
$600
$361.5
$574.6
$472.4
$340.1
$482.3
$575.1
$295 2$299.4
$303 6
$440.0 $467.7
$548.8
Mill
ion
s
$0
$200
$80.1$85.0
$156.6
$224.3 $247.5$295.2 $303.6
$235.5$281.8
• Another withdrawal estimated at $272.5 million will occur in FY2018.
13
• A mandatory deposit is not required to the Fund in FY 2018. Also, pending certification by the Auditor of Public Accounts, we estimate no deposit will be required in FY 2019.
The Official Fiscal Year 2018 Total General Fund Revenue and Transfers Forecast C ll F A 2 5 P I C dCalls For A 2.5 Percent Increase Compared to Actual Collections for Fiscal Year 2017…
Summary of General Fund Revenue Collections
Official Estimate
% Annual Growth Req By
Actual Collections % Actual Amount
Official Estimate
% Change From
Summary of General Fund Revenue Collections FY2017 and FY2018(millions of dollars)
Estimate FY2017
Req By Estimate
Collections FY2017
% Actual Growth
Amount Variance
Estimate FY2018
From Actual
Revenue Source
Individual Income Tax:
Withholding 11,713.3$ 3.6% 11,895.4$ 5.2% 182.1$ 12,103.9$ 1.8%
Tax Dues/Estimated Payments 3,048.5 -0.7 3,018.5 (1.7) (30.0)$ 3,229.7 7.0
(Refunds) (1 848 0) 1 5 (1 861 0) 2 2 (13 0) (1 943 6) 4 4(Refunds) (1,848.0) 1.5 (1,861.0) 2.2 (13.0) (1,943.6) 4.4
Net Individual Income Tax 12,913.8 2.9 13,052.9 4.0 139.1 13,390.0 2.6
Sales and Use 3,386.8 2.8 3,357.1 1.9 (29.7) 3,450.6 2.8
Corporate Income 794.2 3.8 827.0 8.1 32.8 840.6 1.6
Insurance Premiums 344.1 1.5 340.9 0.5 (3.2) 364.8 7.0
Wills, Suits, Deeds, Contracts 398.6 8.0 394.4 6.9 (4.2) 407.9 3.4
Interest 61.8 17.5 56.0 6.4 (5.8) 61.8 10.4
Other Revenue 661.7 (0.2) 666.8 0.6 5.1 677.6 1.6
Total General Fund Revenue 18,561.0 2.9 18,695.1 3.6 134.1 19,193.3 2.7
Transfers 650.8 15.9 653.3 16.3 2.5 640.8 -1.9
Total General Fund Resources 19,211.8$ 3.3% 19,348.4$ 4.0% 136.6$ 19,834.1$ 2.5%
14
The Current IHS Markit Outlook for Fiscal Year 2018 Shows Improved Growth…Year 2018 Shows Improved Growth…
• Supported by robust gains in employment and household wealth, real consumer spending (the biggest component of GDP) is forecast to advance at a 2.7 percent rate.
• A crisis of confidence due to uncertain fiscal and monetary policy 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
FY17Actual Official July
U S
FY18
U.S.
Real GDP 2.0 2.3 2.6
Consumer Spending 2.9 2.2 2.7
Employment 1.6 0.9 1.3
Personal Income 3 4 4 7 4 1Personal Income 3.4 4.7 4.1
Wages & Salaries 3.5 5.0 4.3
Virginia
Employment 1.1 1.0 tbd
Professional/Business 1.8 2.3 tbd
Construction/Mining 0.3 3.5 tbd
Personal Income* 3.4 4.2 tbd
Wages & Salaries* 3.4 3.9 tbd
15
* FY17 Actual data is based on the first 3 quarters of the fiscal year.
July’s Revenue Collections were up 5.4 percent…
Summary of July FY18 Revenue CollectionsSummary of July FY18 Revenue Collections
As a %of Total YTD Annual
Major Source Revenues Actual Estimate Variance
Percent Growth over Prior Year
Withholding 63.1 % 6.7 % 1.8 % 4.9 %Nonwithholding 16.8 (25.6) 7.0 (32.6)Refunds (10.1) 28.4 4.4 24.0 Net Individual 69.8 3.6 2.6 1.0
S l 18 0 2 8 2 9Sales 18.0 5.7 2.8 2.9Corporate 4.4 196.6 1.6 195.0Wills (Recordation) 2.1 4.2 3.4 0.8Insurance 1.9 n/a 7.0 n/aAll Other Revenue 3.9 11.8 2.3 9.5
- July is not a significant month, representing only 6 percent of the FY18 forecast
Total 100.0 % 5.4 % 2.7 % 2.7 %
the FY18 forecast.
- The July increase was largely due to 2 factors:• Payroll withholding remained strong.• Sales tax collections increased by almost 6 percent.
16
y p
The Fall Forecasting Process Will Begin In September…September…
• Trends in revenue collections over the next few months will be incorporated into the fall forecasting process.
– September:• Individual, corporate, and insurance estimated
payments 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.• Governor’s Advisory Council on Revenue Estimates
(GACRE) i f t f fi l(GACRE) reviews revenue forecast for fiscal year 2018 and 2019-2020 biennium.
– December:• General fund revenue forecast finalizedGeneral fund revenue forecast finalized.• Governor McAuliffe’s amendments to the 2017-2018
budget and 2019-2020 budget are presented to the Joint Money Committees.
17
Appendix
Fiscal Year 2017 General Fund Collections: Actual and Official Forecast
Official General Fund Forecast for Fiscal Year 2018
Official Commonwealth Transportation Fund Forecast for Fiscal Year 2018
Growth in Total General Fund Revenues, Fiscal Years 1961 to ,2018
June 2017 Revenue Report
July 2017 Revenue ReportJuly 2017 Revenue Report
Note:
The General Fund Preliminary Annual Report, August, 2017 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).
18
(Dollars in Millions)
MAJOR TAX SOURCES
Corporate Income $ 764.9 (8.0) % $ 794.2 $ 827.0 $ 32.8 3.8 % 8.1 %
Individual Income Tax:
Gross 14,376.4 10.5 14,761.8 14,913.9 152.1 2.7 3.7
Withholding 11,306.3 2.4 11,713.3 11,895.4 182.1 3.6 5.2
Nonwithholding 3,070.1 0.9 3,048.5 3,018.5 (30.0) (0.7) (1.7)
Refunds (1,820.7) 3.6 (1,848.0) (1,861.0) (13.0) 1.5 2.2
Net 12,555.6 1.8 12,913.8 13,052.9 139.1 2.9 4.0
Insurance Company Premiums 339.1 12.8 344.1 340.9 (3.2) 1.5 0.5
State Sales & Use Tax 3,295.9 1.9 3,386.8 3,357.1 (29.7) 2.8 1.9
Wills, Suits, Deeds, & Contract Fees 369.1 6.6 398.6 394.4 (4.2) 8.0 6.9
Total Major Tax Sources $ 17,324.6 1.7 % $ 17,837.5 $ 17,972.2 $ 134.7 3.0 % 3.7 %
MISCELLANEOUS TAXES AND OTHER REVENUES
Alcoholic Beverage State Tax $ 175.3 5.6 % $ 183.2 $ 180.7 $ (2.5) 4.5 % 3.1 %
Bank Franchise Tax 17.8 (6.5) 18.4 22.0 3.6 3.4 23.9
Beer & Beverage Excise Tax 42.3 1.0 42.3 41.7 (0.6) 0.1 (1.4)
Corporate Franchise & Charter Fees 53.6 10.4 50.0 53.4 3.4 (6.8) (0.5)
Excess & Other Fees from Officers (7.4) (8.5) (7.1) (7.9) (0.8) 3.4 (7.9)
Estate & Gifts 0.2 126.5 0.0 8.2 8.2 (100.0) n/a
Institutional Revenues 5.3 (28.8) 6.0 2.3 (3.7) 14.2 (57.0)
Interest & Rents 52.6 7.3 61.8 56.0 (5.8) 17.5 6.4
Licenses & Permits 4.1 1.6 4.1 4.2 0.1 (0.6) 0.9
Miscellaneous Taxes and Penalties 240.3 3.5 230.0 237.3 7.3 (4.3) (1.3)
Other Miscellaneous Revenues 38.8 18.3 37.0 30.1 (6.9) (4.6) (22.4)
Public Service GR / Consumption Tax 92.6 (6.0) 97.8 95.1 (2.7) 5.6 2.7
Total Misc. Taxes and Other Revenues $ 715.5 3.3 % $ 723.5 $ 722.9 $ (0.6) 1.1 % 1.0 %
TOTAL GF REVENUES $ 18,040.1 1.7 % $ 18,561.0 $ 18,695.1 $ 134.1 2.9 % 3.6 %
TRANSFERS
A.B.C. Profits $ 86.5 3.8 % $ 108.4 $ 110.5 $ 2.1 25.3 % 27.7 %
Sales Tax (0.25%) 355.5 0.9 365.4 365.9 0.5 2.8 2.9
Transfers Per Appropriations Act 119.6 (39.7) 177.0 176.9 (0.1) 48.0 47.9
Total Transfers $ 561.6 (11.4) % $ 650.8 $ 653.3 $ 2.5 15.9 % 16.3 %
TOTAL GENERAL FUND $ 18,601.7 1.3 % $ 19,211.8 $ 19,348.4 $ 136.6 3.3 % 4.0 %
August 21, 2017
% Growth Over FY 16Official
The Official to Actual General Fund Forecast for Fiscal Year 2017
Official Actual
Fiscal Year 2016 Fiscal Year 2017
% Growth Forecast Actual VarianceActual
The December forecast is based on the October 2016 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation with recommendations from GACRE and Governor's amendments.
The Official forecast is based on the October 2016 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation and includes actions of the 2017 General Assembly Session -- Chapter 836.
(Dollars in Millions)
MAJOR TAX SOURCES
Corporate Income $ 824.9 $ 840.6 $ 15.7 3.9 % 5.8 % $ 1,619.1 $ 1,634.8 $ 15.7
Individual Income Tax:
Gross 15,322.8 15,333.6 10.8 3.8 3.9 30,084.6 30,095.4 10.8
Withholding 12,100.2 12,103.9 3.7 3.3 3.3 23,813.5 23,817.2 3.7
Nonwithholding 3,222.6 3,229.7 7.1 5.7 5.9 6,271.1 6,278.2 7.1
Refunds (1,942.6) (1,943.6) (1.0) 5.1 5.2 (3,790.6) (3,791.6) (1.0)
Net 13,380.2 13,390.0 9.8 3.6 3.7 26,294.0 26,303.8 9.8
Insurance Company Premiums 364.8 364.8 0.0 6.0 6.0 708.9 708.9 0.0
State Sales & Use Tax 3,445.5 3,450.6 5.1 1.8 1.9 6,831.3 6,837.4 6.1
Wills, Suits, Deeds, & Contract Fees 407.9 407.9 0.0 2.3 2.3 806.5 806.5 0.0
Total Major Tax Sources $ 18,423.3 $ 18,453.9 $ 30.6 3.3 % 3.5 % $ 36,259.8 $ 36,291.4 $ 31.6
MISCELLANEOUS TAXES AND OTHER REVENUES
Alcoholic Beverage State Tax $ 187.9 $ 191.4 $ 3.5 3.6 % 4.5 % $ 369.2 $ 374.6 $ 5.4
Bank Franchise Tax 18.4 18.4 0.0 0.0 0.0 36.8 36.8 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 50.0 50.0 0.0 0.0 0.0 100.0 100.0 0.0
Excess & Other Fees from Officers (7.1) (7.1) 0.0 0.0 0.0 (14.2) (14.2) 0.0
Estate & Gifts 0.0 0.0 0.0 n/a n/a 0.0 0.0 n/a
Institutional Revenues 6.0 6.0 0.0 0.0 0.0 12.0 12.0 0.0
Interest & Rents 61.8 61.8 0.0 0.0 0.0 123.6 123.6 0.0
Licenses & Permits 4.1 4.1 0.0 0.0 0.0 8.2 8.2 0.0
Miscellaneous Taxes and Penalties 237.4 237.8 0.4 3.4 3.4 466.9 467.8 0.9
Other Miscellaneous Revenues 36.6 36.9 0.3 (0.5) (0.3) 73.4 73.9 0.5
Public Service GR / Consumption Tax 97.8 97.8 0.0 0.0 0.0 195.6 195.6 0.0
Total Misc. Taxes and Other Revenues $ 735.2 $ 739.4 $ 4.2 2.0 % 2.2 % $ 1,456.1 $ 1,462.9 $ 6.8
TOTAL GF REVENUES $ 19,158.5 $ 19,193.3 $ 34.8 3.2 % 3.4 % $ 37,715.9 $ 37,754.3 $ 38.4
TRANSFERS
A.B.C. Profits $ 101.4 $ 103.0 $ 1.6 4.2 % (5.0) % $ 198.7 $ 211.4 $ 12.7
Sales Tax (0.375%) 374.0 374.3 0.3 2.4 2.4 739.4 739.7 0.3
Transfers Per Appropriations Act 133.9 163.5 29.6 (2.4) (7.6) 271.1 340.5 69.4
Total Transfers $ 609.3 $ 640.8 $ 31.5 1.6 % (1.5) % $ 1,209.2 $ 1,291.6 $ 82.4
TOTAL GENERAL FUND $ 19,767.8 $ 19,834.1 $ 66.3 3.2 % 3.2 % $ 38,925.1 $ 39,045.9 $ 120.8
OfficialDecember Forecast ForecastForecast Forecast Change
December OfficialFiscal Year 2018
The December to Official General Fund Forecast for Fiscal Year 2018April 28, 2017
% Growth Over FY 17ChangeOfficial
2016-2018 BienniumDecember
The December forecast is based on the October 2016 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation with recommendations from GACRE and Governor's amendments.
The Official forecast is based on the October 2016 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation and includes actions of the 2017 General Assembly Session -- Chapter 836.
The Official and August Commonwealth Transportation Fund Forecast for Fiscal Year 2018(Dollars in Millions)
August 21, 2017
Fiscal Year 2017 Fiscal Year 2018Official August % Growth over FY 17
Actual % Growth Forecast Forecast Change Official August
Highway Maintenance & Operating Fund
Motor Fuels Tax $ 695.1 1.5 % $ 699.0 $ 702.3 $ 3.3 0.6 % 1.0 %Road Tax 4.2 44.8 2.7 3.8 1.1 (35.7) (10.0)Motor Vehicle Sales And Use Tax 721.8 4.5 712.1 729.1 17.0 (1.3) 1.0Motor Vehicle License Fees 237.9 2.6 233.5 239.9 6.4 (1.8) 0.8Retail Sales and Use Tax 277.1 0.1 291.7 281.8 (9.9) 5.3 1.7International Registration Plan 66.2 (2.2) 64.0 62.2 (1.8) (3.3) (6.0)Miscellaneous 18.4 0.0 17.3 18.4 1.1 (6.0) 0.0Total State Taxes and Fees $ 2,020.7 1.6 % $ 2,020.3 $ 2,037.5 $ 17.2 (0.0) % 0.8 %
Transportation Trust Fund
Motor Fuels Tax $ 162.8 (0.4) % $ 166.0 $ 164.6 $ (1.4) 2.0 % 1.1 %Insurance Premiums Tax (1/3) 163.1 8.5 169.1 168.0 (1.1) 3.7 3.0Road Tax 8.1 1.3 8.0 8.0 0.0 (1.2) (1.2)Motor Vehicle Sales And Use Tax 235.9 3.5 235.2 238.1 2.9 (0.3) 0.9Motor Vehicle License Fees 22.2 2.8 21.9 22.8 0.9 (1.4) 2.6Retail Sales and Use Tax 743.3 2.7 753.5 760.7 7.2 1.4 2.3Recordation Tax 48.1 63.1 48.4 49.2 0.9 0.5 2.4Interest Earnings 6.4 73.0 2.3 4.5 2.2 (64.1) (30.3)Rental Tax 39.5 5.3 39.6 40.6 1.0 0.3 2.9Aviation Fuels Tax 2.0 11.1 1.8 2.0 0.2 (10.0) 0.0Total State Taxes and Fees $ 1,431.4 4.7 % $ 1,445.8 $ 1,458.5 $ 12.7 1.0 % 1.9 %
Total HMOF And TTF
Motor Fuels Tax $ 857.9 1.1 % $ 865.0 $ 866.9 $ 1.9 0.8 % 1.1 %Insurance Premiums Tax (1/3) 163.1 8.5 169.1 168.0 (1.1) 3.7 3.0Road Tax 12.3 12.8 10.7 11.8 1.1 (13.0) (4.2)Motor Vehicle Sales and Use Tax 957.7 4.2 947.3 967.2 19.9 (1.1) 1.0Motor Vehicle License Fees 260.1 2.6 255.4 262.6 7.2 (1.8) 1.0International Registration Plan 66.2 (2.2) 64.0 62.2 (1.8) (3.3) (6.0)Retail Sales and Use Tax 1,020.4 2.0 1,045.2 1,042.5 (2.7) 2.4 2.2Recordation Tax (3 cents) 48.1 8.8 48.4 49.2 0.9 0.5 2.4Interest Earnings 6.4 73.0 2.3 4.5 2.2 (64.1) (30.3)Rental Tax 39.5 5.3 39.6 40.6 1.0 0.3 2.9Aviation Fuels Tax 2.0 11.1 1.8 2.0 0.2 (10.0) 0.0Miscellaneous 18.4 0.0 17.3 18.4 1.1 (6.0) 0.0
Total State Taxes and Fees $ 3,452.2 2.9 % $ 3,466.1 $ 3,496.0 $ 29.9 0.4 % 1.3 %
Transfers per the Appropriations ActRetail Sales Tax - AST (TTF) 0.0 n/a 0.0 0.0 0.0 n/a n/aTotal Transfers $ 0.0 n/a $ 0.0 $ 0.0 $ 0.0 n/a n/a %
Total Transportation Fund $ 3,452.2 2.9 $ 3,466.1 $ 3,496.0 $ 29.9 0.4 % 1.3 %
The Official forecast is based on the November 2016 Global Insight Standard outlook and the corresponding Virginia state forecast developed by the Department of Taxation.The August forecast is based on FY17 actual collectons.
Growth in Total General Fund Revenues
Fiscal Year 1961 - Fiscal Year 2018
(Nominal - Actual Dollars)
FY Total Revenues Growth FY Total Revenues Growth
61 230,998,887 - 90 5,494,884,000 0.3%
62 242,144,567 4.8% 91 5,471,879,000 -0.4%
63 286,304,265 18.2% 92 5,623,213,000 2.8%
64 298,033,919 4.1% 93 6,133,637,000 9.1%
65 323,213,412 8.4% 94 6,503,368,000 6.0%
66 365,129,776 13.0% 95 6,881,145,000 5.8%
67 414,755,644 13.6% 96 7,356,110,000 6.9%
68 533,597,744 28.7% 97 7,949,327,000 8.1%
69 706,254,374 32.4% 98 8,773,520,000 10.4%
70 743,721,322 5.3% 99 9,702,747,000 10.6%
71 807,954,651 8.6% 00 10,788,482,000 11.2%
72 922,653,686 14.2% 01 11,105,275,000 2.9%
73 1,054,469,443 14.3% 02 10,678,954,000 -3.8%
74 1,168,562,871 10.8% 03 10,867,149,000 1.8%
75 1,303,178,893 11.5% 04 11,917,867,000 9.7%
76 1,428,421,157 9.6% 05 13,687,252,000 14.8%
77 1,636,301,819 14.6% 06 14,834,298,000 8.4%
78 1,923,085,084 17.5% 07 15,565,827,000 4.9%
79 2,115,211,522 10.0% 08 15,766,951,000 1.3%
80 2,344,928,934 10.9% 09 14,315,060,000 -9.2%
81 2,579,663,941 10.0% 10 14,219,477,000 -0.7%
82 2,796,458,741 8.4% 11 15,040,200,000 5.8%
83 2,975,687,935 6.4% 12 15,846,665,000 5.4%
84 3,397,710,261 14.2% 13 16,684,600,000 5.3%
85 3,790,816,000 11.6% 14 16,411,400,000 -1.6%
86 4,131,778,000 9.0% 15 17,735,600,000 8.1%
87 4,590,434,000 11.1% 16 18,040,100,000 1.7%
88 5,054,382,000 10.1% 17 18,695,100,000 3.6%
89 5,478,912,000 8.4% 18* 19,193,300,000 2.7%
* Chapter 836 (Excludes Transfers)
FY
201
7 R
evis
ed E
stim
ate
Per
Ch
apte
r 83
6
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
% A
nn
ual
Gro
wth
FY
201
7A
s a
% o
f%
%R
eq B
y
Rev
enu
eE
stim
ate
Gen
Fu
nd
Rev
FY
201
7F
Y 2
016
Ch
ang
eF
Y 2
017
FY
201
6C
han
ge
Est
Ind
ivid
ual
Inco
me
Tax
:
W
ith
ho
ldin
g
$11,
713,
300
63.1
1$1
,034
,918
$972
,282
6.4
$11,
895,
374
$11,
306,
317
5.2
3.6
Tax
Du
es/E
stim
ated
Pay
men
ts
3,04
8,50
016
.42
318,
110
308,
572
3.1
3,01
8,48
73,
070,
050
(1.7
)(0
.7)
G
ross
Ind
ivid
ual
Inco
me
Tax
$1
4,76
1,80
079
.53
$1,3
53,0
28$1
,280
,854
5.6
$14,
913,
861
$14,
376,
367
3.7
2.7
In
div
idu
al a
nd
Fid
uci
ary
Inco
me
(R
efu
nd
s)(1
,848
,000
)(9
.96)
(83,
618)
(63,
175)
32.4
(1,8
60,9
73)
(1,8
20,7
42)
2.2
1.5
N
et In
div
idu
al In
com
e T
ax
$12,
913,
800
69.5
7$1
,269
,410
$1,2
17,6
794.
2$1
3,05
2,88
8$1
2,55
5,62
54.
02.
9
Sal
es a
nd
Use
Tax
$3
,386
,800
18.2
5$4
97,6
21$4
81,7
143.
3$3
,357
,064
$3,2
95,8
531.
92.
8
Co
rpo
rati
on
s In
com
e T
ax
794,
200
4.27
173,
592
157,
301
10.4
826,
961
764,
948
8.1
3.8
Will
s, S
uit
s, D
eed
s, C
on
trac
ts
398,
600
2.15
37,3
6739
,377
(5.1
)39
4,36
936
9,08
36.
98.
0
Insu
ran
ce P
rem
ium
s34
4,10
01.
8512
1,43
511
8,17
72.
834
0,91
033
9,08
10.
51.
5
Inte
rest
Inco
me
(a)
61,3
000.
34(9
21)
100
#55
,624
52,1
516.
717
.5
Alc
oh
olic
Bev
erag
e S
ales
(b
) 22
5,50
01.
2245
,360
43,7
713.
622
2,35
321
7,59
32.
23.
6
All
Oth
er R
even
ues
43
6,70
02.
3578
,500
99,0
36(2
0.7)
444,
906
445,
799
(0.2
)(2
.0)
T
ota
l Gen
eral
Fu
nd
Rev
enu
es
$18,
561,
000
100.
00$2
,222
,364
$2,1
57,1
553.
0$1
8,69
5,07
5$1
8,04
0,13
33.
62.
9
# P
erce
nta
ge
is g
reat
er t
han
or
equ
al t
o 1
,000
%.
- 1
-
(a)
Inte
rest
Inco
me
for
the
Ap
ril -
Ju
ne
qu
arte
r at
trib
uta
ble
to
no
ng
ener
al f
un
ds
was
tra
nsf
erre
d t
his
mo
nth
res
ult
ing
in n
egat
ive
Inte
rest
Inco
me
for
the
mo
nth
of
Jun
e.(b
) In
clu
des
Bee
r an
d B
ever
age
Exc
ise
Tax
an
d A
lco
ho
lic B
ever
age
Sta
te T
ax.
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
tsS
um
mar
y R
epo
rt o
n G
ener
al F
un
d R
even
ue
Co
llect
ion
s F
or
the
Fis
cal Y
ears
201
6 an
d 2
017
(Do
llars
in T
ho
usa
nd
s)
Jun
eY
ear-
To
-Dat
e
FY
201
7 R
evis
ed E
stim
ate
Per
Ch
apte
r 83
6
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
As
a %
%
An
nu
al
FY
201
7o
f T
ota
l%
%G
row
th
Rev
enu
eE
stim
ate
Gen
Fu
nd
Rev
FY
201
7F
Y 2
016
Ch
ang
eF
Y 2
017
FY
201
6C
han
ge
Req
By
Est
Tax
es:
In
div
idu
al I
nco
me
Tax
- W
ith
ho
ldin
g
$11,
713,
300
63.1
1$1
,034
,918
$972
,282
6.4
$11,
895,
374
$11,
306,
317
5.2
3.6
T
ax D
ues
/Est
imat
ed P
aym
ents
3,
048,
500
16.4
231
8,11
030
8,57
23.
13,
018,
487
3,07
0,05
0(1
.7)
(0.7
)
Gro
ss I
nd
ivid
ual
In
com
e T
ax
$14,
761,
800
79.5
3$1
,353
,028
$1,2
80,8
545.
6$1
4,91
3,86
1$1
4,37
6,36
73.
72.
7
In
div
id a
nd
Fid
uc
Inco
me
(Ref
un
ds)
(1
,848
,000
)(9
.96)
(83,
618)
(63,
175)
32.4
(1,8
60,9
73)
(1,8
20,7
42)
2.2
1.5
Net
In
div
idu
al I
nco
me
Tax
$1
2,91
3,80
069
.57
$1,2
69,4
10$1
,217
,679
4.2
$13,
052,
888
$12,
555,
625
4.0
2.9
S
ales
an
d U
se T
ax
3,38
6,80
018
.25
497,
621
481,
714
3.3
3,35
7,06
43,
295,
853
1.9
2.8
C
orp
ora
tio
ns
Inco
me
794,
200
4.27
173,
592
157,
301
10.4
826,
961
764,
948
8.1
3.8
P
ub
lic
Ser
vice
Co
rpo
rati
on
s97
,800
0.53
8,43
311
,444
(26.
3)95
,084
92,5
862.
75.
6
In
sura
nce
Pre
miu
ms
344,
100
1.85
121,
435
118,
177
2.8
340,
910
339,
081
0.5
1.5
A
lco
ho
lic
Bev
erag
e E
xcis
e18
3,20
00.
9941
,350
40,0
003.
418
0,66
817
5,31
73.
14.
5
B
eer
and
Bev
erag
e E
xcis
e42
,300
0.23
4,01
03,
771
6.3
41,6
8542
,276
(1.4
)0.
1
W
ills
, S
uit
s, D
eed
s, C
on
trac
ts
398,
600
2.15
37,3
6739
,377
(5.1
)39
4,36
936
9,08
36.
98.
0
In
her
itan
ce,
Gif
t, a
nd
Est
ate
00.
000
32(1
00.0
)8,
202
222
#(1
00.0
)
B
ank
Fra
nch
ise
18,4
000.
102,
456
12,1
07(7
9.7)
22,0
4517
,795
23.9
3.4
O
ther
Tax
es
5,90
00.
031,
049
1,73
4(3
9.5)
9,20
414
,111
(34.
8)(5
8.2)
To
tal
Tax
es
$18,
185,
100
97.9
7$2
,156
,723
$2,0
83,3
363.
5$1
8,32
9,08
0$1
7,66
6,89
73.
72.
9
Rig
hts
an
d P
rivi
leg
es:
L
icen
ses
and
Per
mit
s$4
,100
0.02
$525
$421
24.7
$4,1
62$4
,126
0.9
(0.6
)
C
orp
. F
ran
chis
e an
d C
har
ters
50,0
000.
2736
,180
36,7
27(1
.5)
53,3
6153
,642
(0.5
)(6
.8)
F
ees
for
Mis
c. P
rivi
leg
es &
Ser
vice
s10
,700
0.06
2,42
41,
669
45.2
11,7
4510
,961
7.2
(2.4
)
To
tal
Rig
hts
an
d P
rivi
leg
es$6
4,80
00.
35$3
9,12
9$3
8,81
70.
8$6
9,26
8$6
8,72
90.
8(5
.7)
Oth
er R
even
ues
:
S
ales
of
Pro
per
ty &
Co
mm
od
itie
s$0
0.00
($11
)$0
-$0
$1,2
21(1
00.0
)(1
00.0
)
A
sses
smts
& R
cpts
fo
r S
up
po
rt o
f S
pec
ial
Svc
s40
00.
0025
140
(82.
1)18
240
6(5
5.2)
(1.5
)
In
stit
uti
on
al R
even
ue
6,00
00.
0375
1636
8.8
2,25
95,
252
(57.
0)14
.2
In
tere
st (
a)61
,300
0.34
(921
)10
0#
55,6
2452
,151
6.7
17.5
D
ivid
end
s an
d R
ent
500
0.00
63(2
1)40
0.0
355
453
(21.
6)10
.4
F
ines
, F
orf
eitu
res
& F
ees
224,
100
1.21
18,8
6918
,705
0.9
228,
059
226,
189
0.8
(0.9
)
O
ther
Rev
enu
e 18
,500
0.10
8,36
615
,939
(47.
5)10
,765
18,8
22(4
2.8)
(1.7
)
E
xces
s F
ees
(7,1
00)
(0.0
4)(6
79)
(643
)(5
.6)
(7,9
35)
(7,3
52)
(7.9
)3.
4
P
riva
te D
on
atio
ns,
Gif
ts &
Co
nt.
00.
000
2(1
00.0
)9
90.
0(1
00.0
)
C
itie
s, C
ou
nti
es,
and
To
wn
s7,
400
0.04
725
764
(5.1
)7,
409
7,35
60.
70.
6
To
tal
Oth
er R
even
ues
$3
11,1
001.
68$2
6,51
2$3
5,00
2(2
4.3)
$296
,727
$304
,507
(2.6
)2.
2
To
tal
Gen
eral
Fu
nd
Rev
enu
es$1
8,56
1,00
010
0.00
$2,2
22,3
64$2
,157
,155
3.0
$18,
695,
075
$18,
040,
133
3.6
2.9
#
Per
cen
tag
e is
gre
ater
th
an o
r eq
ual
to
1,0
00%
.
- 2
-
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
Gen
eral
Fu
nd
Sta
tem
ent
of
Rev
enu
e C
oll
ecti
on
s an
d E
stim
ates
Fo
r th
e F
isca
l Y
ears
201
6 an
d 2
017
(Do
llar
s in
Th
ou
san
ds)
Jun
e
(a)
In
tere
st I
nco
me
for
the
Ap
ril
- Ju
ne
qu
arte
r at
trib
uta
ble
to
no
ng
ener
al f
un
ds
was
tra
nsf
erre
d t
his
mo
nth
r
esu
ltin
g i
n n
egat
ive
Inte
rest
In
com
e fo
r th
e m
on
th o
f Ju
ne.
% A
nn
ual
Gro
wth
FY
201
7%
%R
equ
ired
Est
imat
e(a
)F
Y 2
017
(b)
FY
201
6C
han
ge
FY
201
7(b
)F
Y 2
016
Ch
ang
eB
y E
stim
ate
Lotte
ry C
olle
ctio
ns
Tot
al L
otte
ry S
ales
$1,9
63,2
56$1
71,8
09$1
61,8
866.
1$1
,989
,872
$2,0
06,8
98(0
.8)
(2.2
)O
ther
Inco
me
1,00
0(1
40)
61(3
29.5
)1,
044
988
5.7
1.2
Tot
al In
com
e$1
,964
,256
$171
,669
$161
,947
6.0
$1,9
90,9
16$2
,007
,886
(0.8
)(2
.2)
Less
:
Pri
ze E
xpen
ses
$1,1
97,2
77$1
26,4
07$1
03,5
6422
.1$1
,233
,088
$1,2
08,3
532.
0(0
.9)
R
etai
ler
Com
mis
sion
s11
0,48
610
,029
8,93
012
.311
1,95
511
2,67
5(0
.6)
(1.9
)
Ope
ratin
g E
xpen
ses
109,
997
9,20
68,
742
5.3
99,3
7798
,671
0.7
11.5
T
otal
Exp
ense
s$1
,417
,760
$145
,642
$121
,236
20.1
$1,4
44,4
20$1
,419
,699
1.7
(0.1
)
Net
Pro
ceed
s fr
om O
pera
tions
N
et L
otte
ry T
icke
t Pro
fits
$546
,496
$26,
027
$40,
711
(36.
1)$5
46,4
96$5
88,1
87(7
.1)
2.2
P
rior
Yea
r R
esid
ual P
rofit
Tra
nsfe
r53
,486
00
-53
,486
4,25
5#
-A
vaila
ble
to L
otte
ry P
roce
eds
Fun
d$5
99,9
82$2
6,02
7$4
0,71
1(3
6.1)
$599
,982
$592
,442
1.3
11.3
#
Per
cent
age
is g
reat
er t
han
or e
qual
to
1,00
0%.
(a)
Est
imat
e es
tabl
ishe
d by
Cha
pter
836
, 20
17 V
irgin
ia A
cts
of A
ssem
bly.
P
rior
Yea
r R
esid
ual P
rofit
Tra
nsfe
r of
$53
,486
,355
was
mad
e on
A
ugus
t 16
, 20
16,
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
016
and
201
7(D
olla
rs in
Th
ou
san
ds)
Jun
eY
ear-
To
-Dat
e
% A
nn
ual
As
a %
Gro
wth
FY
201
7o
f T
ota
l%
%R
equ
ired
Rev
enu
eE
stim
ate
Fu
nd
FY
201
7F
Y 2
016
Ch
ang
eF
Y 2
017
FY
201
6C
han
ge
By
Est
imat
e
Mo
tor
Fu
el T
axes
$8
68,9
0018
.26
$129
,873
$135
,277
(4.0
)$8
72,2
47$8
60,7
981.
30.
9
Pri
ori
ty T
ran
spo
rtat
ion
Fu
nd
(P
TF
) 16
3,14
23.
430
0-
163,
142
150,
346
8.5
8.5
Mo
tor
Veh
icle
Sal
es a
nd
Use
Tax
976,
500
20.5
291
,411
88,4
573.
399
7,15
095
6,48
04.
32.
1
Sta
te S
ales
an
d U
se T
ax
1,02
3,10
021
.50
148,
677
145,
606
2.1
1,02
0,35
91,
000,
563
2.0
2.3
Mo
tor
Veh
icle
Lic
ense
Fee
s25
3,00
05.
3224
,583
24,8
35(1
.0)
260,
173
253,
399
2.7
(0.2
)
Inte
rnat
ion
al R
egis
trat
ion
Pla
n
68,1
001.
435,
089
5,96
1(1
4.6)
66,2
0267
,716
(2.2
)0.
6
Rec
ord
atio
n T
ax
47,2
000.
994,
630
4,36
26.
148
,109
44,1
998.
86.
8
Inte
rest
Ear
nin
gs
3,30
00.
071,
338
857
56.1
6,37
63,
699
72.4
(10.
8)
Mis
c. T
axes
, F
ees,
an
d R
even
ues
17
,300
0.36
1,53
91,
811
(15.
0)18
,401
18,4
31(0
.2)
(6.1
)
T
ota
l S
tate
Tax
es a
nd
Fee
s $3
,420
,542
71.8
8$4
07,1
40$4
07,1
660.
0$3
,452
,159
$3,3
55,6
312.
91.
9
#
Per
cen
tag
e is
gre
ater
th
an o
r eq
ual
to
1,0
00%
.
-
4 -
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
ts
Hig
hw
ay M
ain
ten
ance
an
d O
per
atin
g F
un
d a
nd
Tra
nsp
ort
atio
n T
rust
Fu
nd
Rev
enu
es
Su
mm
ary
Sta
tem
ent
of
Sel
ecte
d R
even
ue
Est
imat
es &
Co
llec
tio
ns
Fo
r th
e F
isca
l Y
ears
201
6 an
d 2
017
(Do
llar
s in
Th
ou
san
ds)
Jun
eY
ear-
To
-Dat
e
% A
nn
ua
lA
s a
%G
row
thF
Y 2
01
7o
f T
ota
l%
%R
eq
uir
ed
Re
ven
ue
Es
tim
ate
Fu
nd
FY
20
17
FY
20
16
Ch
an
ge
FY
20
17
FY
20
16
Ch
an
ge
By
Es
t
HIG
HW
AY
MA
INT
EN
AN
CE
AN
D O
PE
RA
TIN
G F
UN
D:
Mo
tor
Fu
el T
ax
es
(In
clu
de
s R
oa
d T
ax
)$
69
4,8
00
14
.60
$1
00
,54
0$
10
5,8
48
(5.0
)$
69
9,3
37
$6
87
,55
91
.71
.1 M
oto
r V
eh
icle
Sa
les
an
d U
se
Ta
x7
05
,00
01
4.8
16
8,8
53
63
,88
77
.87
21
,79
56
91
,02
24
.52
.0 S
tate
Sa
les
an
d U
se
Ta
x
28
6,8
00
6.0
33
8,8
91
40
,40
7(3
.8)
27
7,0
61
27
6,8
49
0.1
3.6
Mo
tor
Ve
hic
le L
ice
ns
e F
ee
s2
31
,60
04
.87
22
,80
52
2,9
05
(0.4
)2
37
,92
02
31
,83
82
.6(0
.1)
Inte
rna
tio
na
l Re
gis
tra
tio
n P
lan
6
8,1
00
1.4
35
,08
95
,96
1(1
4.6
)6
6,2
02
67
,71
6(2
.2)
0.6
Re
co
rda
tio
n T
ax
(1
ce
nt)
(a
)0
0.0
00
1,4
54
-0
14
,73
3-
- M
isc
. Ta
xe
s, F
ee
s, a
nd
Re
ven
ue
s1
7,3
00
0.3
61
,53
91
,81
1(1
5.0
)1
8,4
01
18
,43
1(0
.2)
(6.1
)
To
tal S
tate
Ta
xe
s a
nd
Fe
es
$
2,0
03
,60
04
2.1
0$
23
7,7
17
$2
42
,27
3(1
.9)
$2
,02
0,7
16
$1
,98
8,1
48
1.6
0.8
Oth
er
Re
ven
ue
s:
F
ed
era
l Gra
nts
an
d C
on
tra
cts
$0
0.0
0$
6,0
25
$4
,02
14
9.8
$5
8,6
11
$3
9,6
35
47
.9(1
00
.0)
M
isc
ella
ne
ou
s R
eve
nu
es
1
8,0
44
0.3
83
,05
24
,15
6(2
6.6
)2
3,4
75
26
,90
3(1
2.7
)(3
2.9
)
Tra
ns
fer
(to
) / f
rom
Tra
ns
po
rta
tio
n
Tru
st
Fu
nd
1
02
,89
62
.17
27
,89
64
2,4
89
(34
.3)
90
,74
88
9,1
89
1.7
15
.4
To
tal H
igh
wa
y M
ain
ten
an
ce
an
d
Op
era
tin
g F
un
d
$2
,12
4,5
40
44
.65
$2
74
,69
0$
29
2,9
39
(6.2
)$
2,1
93
,55
0$
2,1
43
,87
52
.3(0
.9)
TR
AN
SP
OR
TA
TIO
N T
RU
ST
FU
ND
: M
oto
r F
ue
l Ta
xe
s
(In
clu
de
s A
via
tio
n &
Ro
ad
Ta
xe
s)
$1
74
,10
03
.66
$2
9,3
33
$2
9,4
29
(0.3
)$
17
2,9
10
$1
73
,23
9(0
.2)
0.5
PT
F In
su
ran
ce
Pre
miu
ms
Ta
x1
63
,14
23
.43
00
-1
63
,14
21
50
,34
68
.58
.5 M
oto
r V
eh
icle
Sa
les
an
d U
se
Ta
x
(In
clu
de
s R
en
tal T
ax
) 2
71
,50
05
.71
22
,55
82
4,5
70
(8.2
)2
75
,35
52
65
,45
83
.72
.3 S
tate
Sa
les
an
d U
se
Ta
x7
36
,30
01
5.4
71
09
,78
61
05
,19
94
.47
43
,29
87
23
,71
42
.71
.7 M
oto
r V
eh
icle
Lic
en
se
Fe
es
21
,40
00
.45
1,7
78
1,9
30
(7.9
)2
2,2
53
21
,56
13
.2(0
.7)
Re
co
rda
tio
n T
ax
(a
)4
7,2
00
0.9
94
,63
02
,90
8-
48
,10
92
9,4
66
--
Inte
res
t E
arn
ing
s3
,30
00
.07
1,3
38
85
75
6.1
6,3
76
3,6
99
72
.4(1
0.8
)
To
tal S
tate
Ta
xe
s a
nd
Fe
es
$1
,41
6,9
42
29
.78
$1
69
,42
3$
16
4,8
93
2.7
$1
,43
1,4
43
$1
,36
7,4
83
4.7
3.6
Oth
er
Re
ven
ue
s:
F
ed
era
l Gra
nts
an
d C
on
tra
cts
$1
,09
6,8
44
23
.05
$1
04
,05
1$
41
,40
41
51
.3$
1,1
16
,93
4$
1,1
23
,78
0(0
.6)
(2.4
)
Re
ce
ipts
fro
m C
itie
s/C
ou
nti
es
2
00
,86
94
.22
27
,12
33
0,1
06
(9.9
)2
11
,14
31
25
,98
36
7.6
59
.4
To
ll R
eve
nu
es
(In
clu
de
s R
ou
te 2
8)
1
6,1
00
0.3
41
,15
41
,11
93
.11
9,0
58
18
,73
31
.7(1
4.1
)
Mis
ce
llan
eo
us
Re
ven
ue
s6
,24
50
.13
(11
6)
13
,00
1(1
00
.9)
33
,63
53
8,0
09
(11
.5)
(83
.6)
T
ota
l Oth
er
Re
ven
ue
s$
1,3
20
,05
82
7.7
4$
13
2,2
12
$8
5,6
30
54
.4$
1,3
80
,77
0$
1,3
06
,50
55
.71
.0
Tra
ns
fer
(to
) / f
rom
Hig
hw
ay
M
ain
ten
an
ce
an
d O
pe
rati
ng
Fu
nd
($
10
2,8
96
)(2
.17
)($
27
,89
6)
($4
2,4
89
)3
4.3
($9
0,7
48
)($
89
,18
9)
(1.7
)(1
5.4
)
To
tal T
ran
sp
ort
ati
on
Tru
st
Fu
nd
$
2,6
34
,10
45
5.3
5$
27
3,7
39
$2
08
,03
43
1.6
$2
,72
1,4
65
$2
,58
4,7
99
5.3
1.9
T
OT
AL
HIG
HW
AY
MA
INT
EN
AN
CE
AN
D
O
PE
RA
TIN
G A
ND
TR
AN
SP
OR
TA
TIO
N
T
RU
ST
FU
ND
$4
,75
8,6
44
10
0.0
0$
54
8,4
29
$5
00
,97
39
.5$
4,9
15
,01
5$
4,7
28
,67
43
.90
.6
# P
erc
en
tag
e is
gre
ate
r th
an
or
eq
ua
l to
1,0
00
%.
-
5 -
Ju
ne
Ye
ar-
To
-Da
te
Co
mm
on
we
alt
h o
f V
irg
inia
/De
pa
rtm
en
t o
f A
cc
ou
nts
H
igh
wa
y M
ain
ten
an
ce
an
d O
pe
rati
ng
Fu
nd
an
d T
ran
sp
ort
ati
on
Tru
st
Fu
nd
Re
ven
ue
s
Sta
tem
en
t o
f R
eve
nu
e E
sti
ma
tes
& C
olle
cti
on
s
Fo
r th
e F
isc
al Y
ea
rs 2
01
6 a
nd
20
17
(Do
llars
in T
ho
us
an
ds
)
(a)
Pu
rsu
an
t to
Cod
e of
Virg
inia
, §
58
.1-8
15
.4, $
0.0
3 o
f s
pe
cif
ic r
ec
ord
ati
on
ta
xe
s a
re d
ep
os
ite
d t
o c
om
po
ne
nts
of
the
Tra
ns
po
rta
tio
n T
rus
t F
un
d e
ffe
cti
ve J
uly
1, 2
01
6.
Ac
co
rdin
gly
, th
e "
Re
co
rda
tio
n T
ax
(1
ce
nt)
" lin
e it
em
wa
s r
em
ove
d f
rom
th
e H
igh
wa
y M
ain
ten
an
ce
an
d O
pe
rati
ng
Fu
nd
FY
20
17
Re
ven
ue
Fo
rec
as
t. A
ll F
Y 2
01
7 R
ec
ord
ati
on
T
ax
es
are
inc
lud
ed
in t
he
Tra
ns
po
rta
tio
n T
rus
t F
un
d R
eve
nu
e F
ore
ca
st
in t
he
"R
ec
ord
ati
on
Ta
x"
line
ite
m.
Sin
ce
th
ere
will
be
no
co
llec
tio
ns
fo
r th
e "
Re
co
rda
tio
n T
ax
(1
ce
nt)
"
lin
e it
em
fo
r th
e H
igh
wa
y M
ain
ten
an
ce
an
d O
pe
rati
ng
Fu
nd
du
rin
g F
Y 2
01
7, t
he
Mo
nth
ly a
nd
Ye
ar-
To
-Da
te %
Ch
an
ge
an
d %
An
nu
al G
row
th R
eq
uir
ed
by
Es
t. c
olu
mn
s f
or
the
R
ec
ord
ati
on
Ta
x li
ne
s a
re n
ot
pro
vid
ed
.
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
JUL
AU
GSE
PO
CT
NO
VD
EC
JAN
FEB
MA
RA
PRM
AY
JUN
$ MillionsTo
tal G
ener
al F
und
Rev
enue
s
FY 2
017
FY 2
016
FY 2
015
FY 2
015
Act
ual =
$17
,735
.6 M
illio
nFY
201
6 A
ctua
l = $
18,0
40.1
Mill
ion
FY 2
017
Act
ual =
$18
,695
.1 M
illio
n -6 -
0
200
400
600
800
1000
1200
1400
1600
JUL
AU
GSE
PO
CT
NO
VD
EC
JAN
FEB
MA
RA
PRM
AY
JUN
$ MillionsN
et In
divi
dual
Inco
me
Tax
FY 2
017
FY 2
016
FY 2
015
FY 2
015
Act
ual =
$12
,328
.7 M
illio
nFY
201
6 A
ctua
l = $
12,5
55.6
Mill
ion
FY 2
017
Act
ual =
$13
,052
.9 M
illio
n
-7 -
0
100
200
300
400
500
600 JU
LA
UG
SEP
OC
TN
OV
DE
CJA
NFE
BM
AR
APR
MA
YJU
N
$ MillionsIn
divi
dual
and
Fid
ucia
ry In
com
e Ta
x R
efun
ds
FY 2
017
FY 2
016
FY 2
015
FY 2
015
Act
ual =
$1,
757.
3 M
illio
nFY
201
6 A
ctua
l = $
1,82
0.7
Mill
ion
FY 2
017
Act
ual =
$1,
861.
0 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
2017
(Do
llar
s in
Mil
lio
ns)
MO
NT
HP
RIM
AR
Y L
IQU
IDIT
YE
XT
ER
NA
L M
AN
AG
EM
EN
TC
OM
PO
SIT
E
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
16$4
,183
.50.
69%
$1,2
69.5
4.46
%$5
,453
.01.
57%
0.51
%
Au
gu
st
$3,6
48.3
0.69
%$1
,270
.9-1
.35%
$4,9
19.2
0.16
%0.
57%
Sep
tem
ber
$4,0
21.4
0.74
%$1
,270
.40.
84%
$5,2
91.8
0.76
%0.
59%
Oct
ob
er$4
,299
.80.
82%
$1,2
68.7
-4.8
9%$5
,568
.5-0
.48%
0.66
%
No
vem
ber
$4,1
49.7
0.82
%$1
,256
.6-1
8.78
%$5
,406
.3-3
.74%
0.74
%
Dec
emb
er$3
,884
.90.
87%
$1,2
46.7
0.88
%$5
,131
.60.
87%
0.87
%
Jan
uar
y, 2
017
$4,4
22.2
0.91
%$1
,248
.12.
43%
$5,6
70.3
1.24
%0.
83%
Feb
ruar
y$4
,634
.01.
00%
$1,2
52.2
5.75
%$5
,886
.22.
01%
0.82
%
Mar
ch$4
,287
.80.
99%
$1,2
55.3
0.55
%$5
,543
.10.
89%
1.01
%
Ap
ril
$4,1
77.0
1.04
%$1
,259
.27.
10%
$5,4
36.2
2.44
%1.
04%
May
$4,5
26.7
1.06
%$1
,266
.16.
33%
$5,7
92.8
2.21
%1.
12%
Jun
e$4
,421
.01.
11%
$1,2
68.8
-1.0
7%$5
,689
.80.
62%
1.20
%
Yea
r-to
-Dat
e A
vera
ge
$4,2
21.4
0.90
%$1
,261
.00.
18%
$5,4
82.4
0.73
%0.
83%
▪ Per
form
ance
on
the
exte
nded
dur
atio
n po
rtion
of t
he G
ener
al A
ccou
nt is
repo
rted
on a
n an
nual
ized
tota
l ret
urn
basi
s. T
otal
retu
rn in
clud
es u
nrea
lized
gai
ns a
nd lo
sses
, whi
ch in
the
shor
t ter
m c
an m
ake
retu
rns
mor
e vo
latil
e. O
ver a
n
exte
nded
tim
e pe
riod
the
flu
ctua
tions
ave
rage
out
and
tot
al r
etur
n ap
proa
ches
the
por
tfol
io y
ield
.
▪ Una
udite
d.1
Fed
eral
Res
erve
Ban
k H
.15
Rel
ease
.
-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
2017
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
$2
35,4
85,1
76$0
$0$0
$235
,485
,176
Au
gu
st$2
35,4
85,1
76$0
$0$0
$235
,485
,176
Sep
tem
ber
$235
,485
,176
$0$0
$0$2
35,4
85,1
76
Oct
ob
er$2
35,4
85,1
76$0
$0$7
51,2
31$2
36,2
36,4
07
No
vem
ber
$236
,236
,407
$0$0
$0$2
36,2
36,4
07
Dec
emb
er$2
36,2
36,4
07$0
$0$0
$236
,236
,407
Jan
uar
y$2
36,2
36,4
07$0
$0$4
44,0
62$2
36,6
80,4
69
Feb
ruar
y$2
36,6
80,4
69$0
$0$0
$236
,680
,469
Mar
ch$2
36,6
80,4
69$0
$0$0
$236
,680
,469
Ap
ril
$236
,680
,469
$0$0
$634
,661
$237
,315
,130
May
$237
,315
,130
$0$0
$0$2
37,3
15,1
30
Jun
e$2
37,3
15,1
30$6
05,5
72,1
05(B
)($
294,
653,
279)
(C)
$586
,242
$548
,820
,198
Not
es:
(A)
(B)
(C)
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.
A d
epos
it of
$60
5,57
2,10
5 w
as m
ade
as r
equi
red
by It
em 2
67 B
of
Cha
pter
836
, 201
7 V
irgin
ia A
cts
of A
ssem
bly.
A w
ithdr
awal
of
$294
,653
,279
was
mad
e as
req
uire
d by
Item
267
D.5
of
Cha
pter
836
, 201
7 V
irgin
ia A
cts
of A
ssem
bly.
-10-
FY
201
8 E
stim
ate
Per
Ch
apte
r 83
6
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
% A
nn
ual
Gro
wth
FY
201
8A
s a
% o
f%
%R
eq B
y
Rev
enu
eE
stim
ate
Gen
Fu
nd
Rev
FY
201
8F
Y 2
017
Ch
ang
eF
Y 2
018
FY
201
7C
han
ge
Est
In
div
idu
al I
nco
me
Tax
:
W
ith
ho
ldin
g
$12,
103,
900
63.0
6$9
43,2
31$8
84,2
446.
7$9
43,2
31$8
84,2
446.
71.
8
T
ax D
ues
/Est
imat
ed P
aym
ents
3,
229,
700
16.8
347
,339
63,5
94(2
5.6)
47,3
3963
,594
(25.
6)7.
0
Gro
ss I
nd
ivid
ual
In
com
e T
ax
$15,
333,
600
79.8
9$9
90,5
70$9
47,8
384.
5$9
90,5
70$9
47,8
384.
52.
8
Ind
ivid
ual
an
d F
idu
ciar
y In
com
e
(
Ref
un
ds)
(1,9
43,6
00)
(10.
13)
(45,
448)
(35,
390)
28.4
(45,
448)
(35,
390)
28.4
4.4
Net
In
div
idu
al I
nco
me
Tax
$1
3,39
0,00
069
.76
$945
,122
$912
,448
3.6
$945
,122
$912
,448
3.6
2.6
Sal
es a
nd
Use
Tax
$3
,450
,600
17.9
8$1
40,0
74$1
32,4
885.
7$1
40,0
74$1
32,4
885.
72.
8
Co
rpo
rati
on
s In
com
e T
ax
840,
600
4.37
21,3
197,
189
196.
621
,319
7,18
919
6.6
1.6
Wil
ls,
Su
its,
Dee
ds,
Co
ntr
acts
40
7,90
02.
1338
,247
36,7
124.
238
,247
36,7
124.
23.
4
In
sura
nce
Pre
miu
ms
364,
800
1.90
00
-0
0-
7.0
In
tere
st I
nco
me
(a)
61,3
000.
3310
,221
8,38
421
.910
,221
8,38
421
.910
.2
Alc
oh
oli
c B
ever
age
Sal
es (
b)
233,
700
1.22
4,13
26,
591
(37.
3)4,
132
6,59
1(3
7.3)
5.1
All
Oth
er R
even
ues
44
4,40
02.
3129
,527
24,2
8321
.629
,527
24,2
8321
.6(0
.1)
To
tal
Gen
eral
Fu
nd
Rev
enu
es
$19,
193,
300
100.
00$1
,188
,642
$1,1
28,0
955.
4$1
,188
,642
$1,1
28,0
955.
42.
7
#
Per
cen
tag
e is
gre
ater
th
an o
r eq
ual
to
1,0
00%
.
- 1
-
(a)
In
tere
st i
s ea
rned
mo
nth
ly i
n t
he
Gen
eral
Fu
nd
an
d c
red
ited
to
no
ng
ener
al f
un
ds
on
a q
uar
terl
y b
asis
. T
his
wil
l o
ccu
r
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
tsS
um
mar
y R
epo
rt o
n G
ener
al F
un
d R
even
ue
Co
llec
tio
ns
Fo
r th
e F
isca
l Y
ears
201
7 an
d 2
018
(Do
llar
s in
Th
ou
san
ds)
July
Yea
r-T
o-D
ate
i
n t
he
mo
nth
s o
f O
cto
ber
, Ja
nu
ary,
Ap
ril
and
Ju
ne.
(b)
In
clu
des
Bee
r an
d B
ever
age
Exc
ise
Tax
an
d A
lco
ho
lic
Bev
erag
e S
tate
Tax
.
FY
201
8 E
stim
ate
Per
Ch
apte
r 83
6
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
As
a %
%
An
nu
al
FY
201
8o
f T
ota
l%
%G
row
th
Rev
enu
eE
stim
ate
Gen
Fu
nd
Rev
FY
201
8F
Y 2
017
Ch
ang
eF
Y 2
018
FY
201
7C
han
ge
Req
By
Est
Tax
es:
In
div
idu
al I
nco
me
Tax
- W
ith
ho
ldin
g
$12,
103,
900
63.0
6$9
43,2
31$8
84,2
446.
7$9
43,2
31$8
84,2
446.
71.
8
T
ax D
ues
/Est
imat
ed P
aym
ents
3,
229,
700
16.8
347
,339
63,5
94(2
5.6)
47,3
3963
,594
(25.
6)7.
0
Gro
ss I
nd
ivid
ual
In
com
e T
ax
$15,
333,
600
79.8
9$9
90,5
70$9
47,8
384.
5$9
90,5
70$9
47,8
384.
52.
8
In
div
id a
nd
Fid
uc
Inco
me
(Ref
un
ds)
(1
,943
,600
)(1
0.13
)(4
5,44
8)(3
5,39
0)28
.4(4
5,44
8)(3
5,39
0)28
.44.
4
Net
In
div
idu
al I
nco
me
Tax
$1
3,39
0,00
069
.76
$945
,122
$912
,448
3.6
$945
,122
$912
,448
3.6
2.6
S
ales
an
d U
se T
ax
3,45
0,60
017
.98
140,
074
132,
488
5.7
140,
074
132,
488
5.7
2.8
C
orp
ora
tio
ns
Inco
me
840,
600
4.37
21,3
197,
189
196.
621
,319
7,18
919
6.6
1.6
P
ub
lic
Ser
vice
Co
rpo
rati
on
s97
,800
0.51
6,31
16,
336
(0.4
)6,
311
6,33
6(0
.4)
2.9
In
sura
nce
Pre
miu
ms
364,
800
1.90
00
-0
0-
7.0
A
lco
ho
lic
Bev
erag
e E
xcis
e19
1,40
01.
000
2,36
1(1
00.0
)0
2,36
1(1
00.0
)5.
9
B
eer
and
Bev
erag
e E
xcis
e42
,300
0.22
4,13
24,
230
(2.3
)4,
132
4,23
0(2
.3)
1.5
W
ills
, S
uit
s, D
eed
s, C
on
trac
ts
407,
900
2.13
38,2
4736
,712
4.2
38,2
4736
,712
4.2
3.4
In
her
itan
ce,
Gif
t, a
nd
Est
ate
00.
000
194
(100
.0)
019
4(1
00.0
)(1
00.0
)
B
ank
Fra
nch
ise
18,4
000.
1022
59
#22
59
#(1
6.5)
O
ther
Tax
es
12,9
000.
073,
516
(1,3
64)
357.
83,
516
(1,3
64)
357.
840
.2
To
tal
Tax
es
$18,
816,
700
98.0
4$1
,158
,946
$1,1
00,6
035.
3$1
,158
,946
$1,1
00,6
035.
32.
7
Rig
hts
an
d P
rivi
leg
es:
L
icen
ses
and
Per
mit
s$4
,100
0.02
$196
$193
1.6
$196
$193
1.6
(1.5
)
C
orp
. F
ran
chis
e an
d C
har
ters
50,0
000.
2649
353
8(8
.4)
493
538
(8.4
)(6
.3)
F
ees
for
Mis
c. P
rivi
leg
es &
Ser
vice
s10
,700
0.06
604
573
5.4
604
573
5.4
(8.9
)
To
tal
Rig
hts
an
d P
rivi
leg
es$6
4,80
00.
34$1
,293
$1,3
04(0
.8)
$1,2
93$1
,304
(0.8
)(6
.5)
Oth
er R
even
ues
:
S
ales
of
Pro
per
ty &
Co
mm
od
itie
s$3
000.
00$2
39$0
-$2
39$0
--
A
sses
smts
& R
cpts
fo
r S
up
po
rt o
f S
pec
ial
Svc
s40
00.
0016
43
#16
43
#11
9.8
In
stit
uti
on
al R
even
ue
6,00
00.
0318
517
36.
918
517
36.
916
5.6
In
tere
st (
a)61
,300
0.33
10,2
218,
384
21.9
10,2
218,
384
21.9
10.2
D
ivid
end
s an
d R
ent
500
0.00
3437
(8.1
)34
37(8
.1)
40.8
F
ines
, F
orf
eitu
res
& F
ees
224,
900
1.17
18,3
9417
,264
6.5
18,3
9417
,264
6.5
(1.4
)
O
ther
Rev
enu
e 18
,100
0.09
(498
)27
7(2
79.8
)(4
98)
277
(279
.8)
68.1
E
xces
s F
ees
(7,1
00)
(0.0
4)(7
79)
(771
)(1
.0)
(779
)(7
71)
(1.0
)10
.5
P
riva
te D
on
atio
ns,
Gif
ts &
Co
nt.
00.
000
0-
00
-(1
00.0
)
C
itie
s, C
ou
nti
es,
and
To
wn
s7,
400
0.04
443
821
(46.
0)44
382
1(4
6.0)
(0.1
)
To
tal
Oth
er R
even
ues
$3
11,8
001.
62$2
8,40
3$2
6,18
88.
5$2
8,40
3$2
6,18
88.
55.
1
To
tal
Gen
eral
Fu
nd
Rev
enu
es$1
9,19
3,30
010
0.00
$1,1
88,6
42$1
,128
,095
5.4
$1,1
88,6
42$1
,128
,095
5.4
2.7
#
Per
cen
tag
e is
gre
ater
th
an o
r eq
ual
to
1,0
00%
.
- 2
-
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
Gen
eral
Fu
nd
Sta
tem
ent
of
Rev
enu
e C
oll
ecti
on
s an
d E
stim
ates
Fo
r th
e F
isca
l Y
ears
201
7 an
d 2
018
(Do
llar
s in
Th
ou
san
ds)
July
(a)
In
tere
st i
s ea
rned
mo
nth
ly i
n t
he
Gen
eral
Fu
nd
an
d c
red
ited
to
no
ng
ener
al f
un
ds
on
a q
uar
terl
y b
asis
. T
his
wil
l o
ccu
r
in
th
e m
on
ths
of
Oct
ob
er,
Jan
uar
y, A
pri
l an
d J
un
e.
% A
nn
ual
Gro
wth
FY
201
8%
%R
equ
ired
Est
imat
e(a
)F
Y 2
018
(b)
FY
201
7C
han
ge
FY
201
8(b
)F
Y 2
017
Ch
ang
e(c
)B
y E
stim
ate
Lotte
ry C
olle
ctio
ns
Tot
al L
otte
ry S
ales
$1,9
92,1
71$1
62,5
42$1
69,4
00(4
.0)
$162
,542
$169
,400
(4.0
)0.
1O
ther
Inco
me
1,00
035
329.
435
329.
4(4
.2)
Tot
al In
com
e$1
,993
,171
$162
,577
$169
,432
(4.0
)$1
62,5
77$1
69,4
32(4
.0)
0.1
Less
:
Pri
ze E
xpen
ses
$1,2
22,9
18$9
3,84
2$9
5,31
1(1
.5)
$93,
842
$95,
311
(1.5
)0.
7
Ret
aile
r C
omm
issi
ons
112,
637
9,92
79,
464
4.9
9,92
79,
464
4.9
0.6
O
pera
ting
Exp
ense
s11
1,12
07,
663
6,66
615
.07,
663
6,66
615
.04.
5
Tot
al E
xpen
ses
$1,4
46,6
75$1
11,4
32$1
11,4
410.
0$1
11,4
32$1
11,4
410.
01.
0
Net
Pro
ceed
s fr
om O
pera
tions
N
et L
otte
ry T
icke
t Pro
fits
$546
,496
$51,
145
$57,
991
(11.
8)$5
1,14
5$5
7,99
1(1
1.8)
0.0
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
46,4
96$5
1,14
5$5
7,99
1(1
1.8)
$51,
145
$57,
991
(11.
8)(8
.9)
#
Per
cent
age
is g
reat
er t
han
or e
qual
to
1,00
0%.
(a)
Est
imat
e es
tabl
ishe
d by
Cha
pter
836
, 20
17 V
irgin
ia A
cts
of A
ssem
bly.
The
Prio
r Y
ear
Res
idua
l Pro
fit T
rans
fer
will
be
refle
cted
af
ter
the
final
AP
A a
udit
is c
ompl
ete
and
the
tran
sfer
is m
ade
in A
ugus
t. T
he F
Y 2
018
estim
ate
will
be
revi
site
d as
par
t of
th
e st
ate
reve
nue
fore
cast
pro
cess
and
will
incl
ude
an u
pdat
ed e
stim
ate
of F
Y 2
018
sale
s an
d pr
ofits
, as
wel
l as
the
re
sidu
al t
rans
fer
from
FY
201
7.
(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
017
and
201
8(D
olla
rs in
Th
ou
san
ds)
July
Yea
r-T
o-D
ate
% A
nn
ual
As
a %
Gro
wth
FY
201
8o
f T
ota
l%
%R
equ
ired
Rev
enu
eE
stim
ate
Fu
nd
FY
201
8F
Y 2
017
Ch
ang
eF
Y 2
018
FY
201
7C
han
ge
By
Est
imat
e
Mo
tor
Fu
el T
axes
$8
77,5
0018
.09
$22,
761
$10,
421
118.
4$2
2,76
1$1
0,42
111
8.4
0.6
Pri
ori
ty T
ran
spo
rtat
ion
Fu
nd
(P
TF
) 16
8,01
83.
474,
303
3,37
127
.64,
303
3,37
127
.63.
0
Mo
tor
Veh
icle
Sal
es a
nd
Use
Tax
986,
900
20.3
682
,971
81,3
022.
182
,971
81,3
022.
1(1
.0)
Sta
te S
ales
an
d U
se T
ax
1,04
5,20
021
.56
39,3
6040
,039
(1.7
)39
,360
40,0
39(1
.7)
2.4
Mo
tor
Veh
icle
Lic
ense
Fee
s25
5,40
05.
2719
,857
21,1
54(6
.1)
19,8
5721
,154
(6.1
)(1
.8)
Inte
rnat
ion
al R
egis
trat
ion
Pla
n
64,0
001.
325,
286
4,57
215
.65,
286
4,57
215
.6(3
.3)
Rec
ord
atio
n T
ax
48,4
001.
004,
571
4,77
9(4
.4)
4,57
14,
779
(4.4
)0.
6
Inte
rest
Ear
nin
gs
2,30
00.
050
8(1
00.0
)0
8(1
00.0
)(6
3.9)
Mis
c. T
axes
, F
ees,
an
d R
even
ues
17
,300
0.36
1,35
790
649
.81,
357
906
49.8
(6.0
)
T
ota
l S
tate
Tax
es a
nd
Fee
s $3
,465
,018
71.4
8$1
80,4
66$1
66,5
528.
4$1
80,4
66$1
66,5
528.
40.
4
#
Per
cen
tag
e is
gre
ater
th
an o
r eq
ual
to
1,0
00%
.
-
4 -
Co
mm
on
wea
lth
of
Vir
gin
ia/D
epar
tmen
t o
f A
cco
un
ts
Hig
hw
ay M
ain
ten
ance
an
d O
per
atin
g F
un
d a
nd
Tra
nsp
ort
atio
n T
rust
Fu
nd
Rev
enu
es
Su
mm
ary
Sta
tem
ent
of
Sel
ecte
d R
even
ue
Est
imat
es &
Co
llec
tio
ns
Fo
r th
e F
isca
l Y
ears
201
7 an
d 2
018
(Do
llar
s in
Th
ou
san
ds)
July
Yea
r-T
o-D
ate
% A
nn
ua
lA
s a
%G
row
thF
Y 2
01
8o
f T
ota
l%
%R
eq
uir
ed
Re
ven
ue
Es
tim
ate
Fu
nd
FY
20
18
FY
20
17
Ch
an
ge
FY
20
18
FY
20
17
Ch
an
ge
By
Es
t
HIG
HW
AY
MA
INT
EN
AN
CE
AN
D O
PE
RA
TIN
G F
UN
D:
Mo
tor
Fu
el T
ax
es
(In
clu
de
s R
oa
d T
ax
)$
70
1,7
00
14
.47
$1
7,6
06
$1
0,2
66
71
.5$
17
,60
6$
10
,26
67
1.5
0.3
Mo
tor
Ve
hic
le S
ale
s a
nd
Us
e T
ax
71
2,1
00
14
.69
60
,48
75
8,1
66
4.0
60
,48
75
8,1
66
4.0
(1.3
) S
tate
Sa
les
an
d U
se
Ta
x
29
1,7
00
6.0
11
1,4
87
11
,25
72
.01
1,4
87
11
,25
72
.05
.3 M
oto
r V
eh
icle
Lic
en
se
Fe
es
23
3,5
00
4.8
21
8,2
16
19
,31
4(5
.7)
18
,21
61
9,3
14
(5.7
)(1
.9)
Inte
rna
tio
na
l Re
gis
tra
tio
n P
lan
6
4,0
00
1.3
25
,28
64
,57
21
5.6
5,2
86
4,5
72
15
.6(3
.3)
Mis
c. T
ax
es
, Fe
es
, an
d R
eve
nu
es
17
,30
00
.36
1,3
57
90
64
9.8
1,3
57
90
64
9.8
(6.0
)
To
tal S
tate
Ta
xe
s a
nd
Fe
es
$
2,0
20
,30
04
1.6
7$
11
4,4
39
$1
04
,48
19
.5$
11
4,4
39
$1
04
,48
19
.50
.0
Oth
er
Re
ven
ue
s:
F
ed
era
l Gra
nts
an
d C
on
tra
cts
$0
0.0
0$
1,5
21
$2
,25
8(3
2.6
)$
1,5
21
$2
,25
8(3
2.6
)(1
00
.0)
M
isc
ella
ne
ou
s R
eve
nu
es
1
8,0
61
0.3
71
,08
01
,00
37
.71
,08
01
,00
37
.7(2
3.1
)
Tra
ns
fer
(to
) / f
rom
Tra
ns
po
rta
tio
n
Tru
st
Fu
nd
1
21
,03
12
.50
00
-0
0-
33
.4
To
tal H
igh
wa
y M
ain
ten
an
ce
an
d
Op
era
tin
g F
un
d
$2
,15
9,3
92
44
.54
$1
17
,04
0$
10
7,7
42
8.6
$1
17
,04
0$
10
7,7
42
8.6
(1.6
)
TR
AN
SP
OR
TA
TIO
N T
RU
ST
FU
ND
: M
oto
r F
ue
l Ta
xe
s
(In
clu
de
s A
via
tio
n &
Ro
ad
Ta
xe
s)
$1
75
,80
03
.62
$5
,15
5$
15
5#
$5
,15
5$
15
5#
1.7
PT
F In
su
ran
ce
Pre
miu
ms
Ta
x1
68
,01
83
.47
4,3
03
3,3
71
27
.64
,30
33
,37
12
7.6
3.0
Mo
tor
Ve
hic
le S
ale
s a
nd
Us
e T
ax
(I
nc
lud
es
Re
nta
l Ta
x)
27
4,8
00
5.6
72
2,4
84
23
,13
6(2
.8)
22
,48
42
3,1
36
(2.8
)(0
.2)
Sta
te S
ale
s a
nd
Us
e T
ax
75
3,5
00
15
.55
27
,87
32
8,7
82
(3.2
)2
7,8
73
28
,78
2(3
.2)
1.4
Mo
tor
Ve
hic
le L
ice
ns
e F
ee
s2
1,9
00
0.4
51
,64
11
,84
0(1
0.8
)1
,64
11
,84
0(1
0.8
)(1
.6)
Re
co
rda
tio
n T
ax
4
8,4
00
1.0
04
,57
14
,77
9(4
.4)
4,5
71
4,7
79
(4.4
)0
.6 In
tere
st
Ea
rnin
gs
2,3
00
0.0
50
8(1
00
.0)
08
(10
0.0
)(6
3.9
)
To
tal S
tate
Ta
xe
s a
nd
Fe
es
$1
,44
4,7
18
29
.81
$6
6,0
27
$6
2,0
71
6.4
$6
6,0
27
$6
2,0
71
6.4
0.9
Oth
er
Re
ven
ue
s:
F
ed
era
l Gra
nts
an
d C
on
tra
cts
$1
,19
1,0
25
24
.57
$3
00
,92
8$
28
1,1
09
7.1
$3
00
,92
8$
28
1,1
09
7.1
6.6
R
ec
eip
ts f
rom
Cit
ies
/Co
un
tie
s
15
0,8
67
3.1
1(2
,75
5)
13
,58
4(1
20
.3)
(2,7
55
)1
3,5
84
(12
0.3
)(2
8.5
)
To
ll R
eve
nu
es
(In
clu
de
s R
ou
te 2
8)
1
7,0
00
0.3
58
79
86
91
.28
79
86
91
.2(1
0.8
)
Mis
ce
llan
eo
us
Re
ven
ue
s5
,89
30
.12
1,7
41
1,6
79
3.7
1,7
41
1,6
79
3.7
(82
.5)
T
ota
l Oth
er
Re
ven
ue
s$
1,3
64
,78
52
8.1
5$
30
0,7
93
$2
97
,24
11
.2$
30
0,7
93
$2
97
,24
11
.2(1
.2)
Tra
ns
fer
(to
) / f
rom
Hig
hw
ay
M
ain
ten
an
ce
an
d O
pe
rati
ng
Fu
nd
($
12
1,0
31
)(2
.50
)$
0$
0-
$0
$0
-(3
3.4
)
To
tal T
ran
sp
ort
ati
on
Tru
st
Fu
nd
$
2,6
88
,47
25
5.4
6$
36
6,8
20
$3
59
,31
22
.1$
36
6,8
20
$3
59
,31
22
.1(1
.2)
T
OT
AL
HIG
HW
AY
MA
INT
EN
AN
CE
AN
D
O
PE
RA
TIN
G A
ND
TR
AN
SP
OR
TA
TIO
N
T
RU
ST
FU
ND
$4
,84
7,8
64
10
0.0
0$
48
3,8
60
$4
67
,05
43
.6$
48
3,8
60
$4
67
,05
43
.6(1
.4)
# P
erc
en
tag
e is
gre
ate
r th
an
or
eq
ua
l to
1,0
00
%.
-
5 -
Ju
lyY
ea
r-T
o-D
ate
Co
mm
on
we
alt
h o
f V
irg
inia
/De
pa
rtm
en
t o
f A
cc
ou
nts
H
igh
wa
y M
ain
ten
an
ce
an
d O
pe
rati
ng
Fu
nd
an
d T
ran
sp
ort
ati
on
Tru
st
Fu
nd
Re
ven
ue
s
Sta
tem
en
t o
f R
eve
nu
e E
sti
ma
tes
& C
olle
cti
on
s
Fo
r th
e F
isc
al Y
ea
rs 2
01
7 a
nd
20
18
(Do
llars
in T
ho
us
an
ds
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
JUL
AU
GSE
PO
CT
NO
VD
EC
JAN
FEB
MA
RA
PRM
AY
JUN
$ MillionsTo
tal G
ener
al F
und
Rev
enue
s
FY 2
018
FY 2
017
FY 2
016
FY 2
016
Act
ual =
$18
,040
.1 M
illio
nFY
201
7 A
ctua
l = $
18,6
95.1
Mill
ion
FY 2
018
Est
imat
e =
$19,
193.
3 M
illio
n
-6 -
$1,1
88.6
mill
ion
0
200
400
600
800
1000
1200
1400
1600
JUL
AU
GSE
PO
CT
NO
VD
EC
JAN
FEB
MA
RA
PRM
AY
JUN
$ MillionsN
et In
divi
dual
Inco
me
Tax
FY 2
018
FY 2
017
FY 2
016
FY 2
016
Act
ual =
$12
,555
.6 M
illio
nFY
201
7 A
ctua
l = $
13,0
52.9
Mill
ion
FY 2
018
Est
imat
e =
$13,
390.
0 M
illio
n
-7 -
$945
.1 m
illio
n
0
100
200
300
400
500
600 JU
LA
UG
SEP
OC
TN
OV
DE
CJA
NFE
BM
AR
APR
MA
YJU
N
$ MillionsIn
divi
dual
and
Fid
ucia
ry In
com
e Ta
x R
efun
ds
FY 2
018
FY 2
017
FY 2
016
FY 2
016
Act
ual =
$1,
820.
7 M
illio
nFY
201
7 A
ctua
l = $
1,86
1.0
Mill
ion
FY 2
018
Est
imat
e =
$1,9
43.6
Mill
ion
-8 -
$45.
4 m
illio
n
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
2018
(Do
llar
s in
Mil
lio
ns)
MO
NT
HP
RIM
AR
Y L
IQU
IDIT
YE
XT
ER
NA
L M
AN
AG
EM
EN
TC
OM
PO
SIT
E
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
17$4
,568
.11.
15%
$1,2
70.7
4.94
%$5
,838
.81.
97%
1.22
%
Au
gu
st
Sep
tem
ber
Oct
ob
er
No
vem
ber
Dec
emb
er
Jan
uar
y, 2
018
Feb
ruar
y
Mar
ch
Ap
ril
May
Jun
e
Yea
r-to
-Dat
e A
vera
ge
$4,5
68.1
1.15
%$1
,270
.74.
94%
$5,8
38.8
1.97
%1.
22%
▪ Per
form
ance
on
the
exte
nded
dur
atio
n po
rtion
of t
he G
ener
al A
ccou
nt is
repo
rted
on a
n an
nual
ized
tota
l ret
urn
basi
s. T
otal
retu
rn in
clud
es u
nrea
lized
gai
ns a
nd lo
sses
, whi
ch in
the
shor
t ter
m c
an m
ake
retu
rns
mor
e vo
latil
e. O
ver a
n
exte
nded
tim
e pe
riod
the
flu
ctua
tions
ave
rage
out
and
tot
al r
etur
n ap
proa
ches
the
por
tfol
io y
ield
.
▪ Una
udite
d.1
Fed
eral
Res
erve
Ban
k H
.15
Rel
ease
.
-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
2018
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
$5
48,8
20,1
98$0
$0$0
$548
,820
,198
Au
gu
st
Sep
tem
ber
Oct
ob
er
No
vem
ber
Dec
emb
er
Jan
uar
y
Feb
ruar
y
Mar
ch
Ap
ril
May
Jun
e
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-