Virginia Beach

Overview


Socioeconomic Data
Population 452,745
Employment 220,565
Unemployment Rate 4.3%  (81 of 116)
Zillow Home Value Index $248,900  (37 of 116)
Government-Wide Revenues and Expenses
General Revenues $929,344,037
Capital Grants and Contributions $57,323,319
Charges For Services $299,240,597
Operating Grants and Contributions $167,190,220
Total Revenues $1,453,098,173
Total Expenditures $1,344,559,058
Change in Net Assets $108,539,115
Actuarially Determined Pension Contributions $52,623,823
Pension Contributions Actually Made $52,623,823
Government-Wide Position
Current Assets $984,487,318
Total Assets $5,411,107,621
Current Liabilities $88,244,428
Long Term Debt $1,482,180,392
Total Net Position $2,424,275,335
Unrestricted Net Position ($171,554,644)

Revs and Exps


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Surplus / (Deficit) General Fund Other Funds Total Gov. Funds
Surplus(deficit) $  101,087,127 $  (198,387,791) $  (97,300,664)
Revenues
Total Revenues $  1,009,190,065 $  215,946,737 $  1,225,136,802
Property taxes 534,606,422 38,066,405 572,672,827
Other Taxes 230,149,185 51,123,589 281,272,774
Local Taxes 230,149,185 51,123,589 281,272,774
State 147,816,267 51,393,625 199,209,892
Charges for services 54,550,938 18,014,648 72,565,586
Federal 19,436,950 45,790,717 65,227,667
Other Revenues 4,890,797 7,044,666 11,935,463
Use of money and property 5,658,510 4,047,841 9,706,351
Fines and Fees 6,893,839 465,246 7,359,085
Licenses and permits 5,138,080 0 5,138,080
Other 49,077 0 49,077
FUND BALANCE AT END OF YEAR $  163,821,581 $  389,390,455 $  553,212,036
Expenditures
Total Expenditures $  908,102,938 $  414,334,528 $  1,322,437,466
Current Expenditures 860,268,101 198,732,648 1,059,000,749
Capital Outlay 0 169,666,250 169,666,250
Principal 30,832,497 30,689,947 61,522,444
Interest 17,002,340 15,245,683 32,248,023

Metrics


General Fund Balance Ratio 18.04%  (83 of 116)
Debt to Revenue Ratio 102.00%  (92 of 116)
Pension ADC to Revenue Ratio 3.62%  (90 of 116)
Annual Change in Home Prices 2.51%  (101 of 116)
Annual Change in Unemployment Rate (0.6%)  (37 of 116)
Fiscal Health Score 71  (55 of 116)
Implied Credit Rating AAA