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State Guide10th StateEst. 1788
Virginia State Flag

Virginia VA

"The Old Dominion"

America's birthplace. The first permanent English settlement. The first elected legislature in the Americas. The man who wrote “all men are created equal” owned more than 600 enslaved people. Eight presidents born here. The capital of the Confederacy. The first elected Black governor in American history. Virginia has been at the center of more pivotal American moments than any other state, and it is still navigating the contradictions it helped create.

Virginia state finances at a glance

State Debt - FY2024

$33.7 billion

Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.

Tax Revenue - FY2024

$37.6 billion

Total Virginia state tax collections in fiscal 2024, led by the individual income tax ($18B) and the general sales tax ($7.4B).

Borrowing

Virginia holds a AAA rating, and its constitution requires a statewide vote for full faith and credit debt, so most borrowing is done through appropriation-backed bonds issued by the Virginia Public Building Authority and the Virginia College Building Authority. All are sold to investors in the tax-exempt municipal market. The state reported about $1.3 billion in interest on its debt in fiscal 2024.

Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.

1607
Year Jamestown was founded
8.8M
People (2025 est.)
8
Presidents born in Virginia
1619
Year democracy & slavery both took root
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