West
Virginia revenues holding at 99 percent of estimates for FY 2018
CHARLESTON,
W.VA. – West Virginia’s General Revenue Fund collections for last month of
$272.2 million were $8 million above estimate and 8.1 percent ahead of prior
year receipts. The surplus is attributable to gains in Consumer Sales and Use,
Business and Occupation and Personal Income taxes.
Governor
Jim Justice said he is extremely encouraged by these numbers.
“The
shortest month of the year has brought us a surplus,” Gov. Justice said. “We remain
on track to hit our revenue estimates and our state is in much better financial
health because we are continuing to manage our resources in a fiscally
responsible and prudent way.”
Cumulative
year-to-date General Revenue Fund collections of more than $2.6 billion was
slightly below estimate by just $17.5 million, but state revenues are holding
at 99.3 percent of estimates for the fiscal year.
Department
of Revenue Secretary Dave Hardy is pleased with what the agency is tracking.
“As
of last month, West Virginia was experiencing a growth rate of 4.7 percent.
Last year’s growth rate averaged 1.3 percent,” Hardy said. “And we’ve still got
four months to go, two of which are always strong collections months for us. We
like what we are seeing.”
Highlights
for February include:
Personal Income Tax collections of $86.3 million exceeded estimate by
nearly $1.6 million and prior year by 12.2 percent. Cumulative collections of
nearly $1.2 billion exceeded year-to-date estimate by $41.9 million and prior
year by 5.9 percent. Year-to-date withholding tax collections were up 5.6
percent.
Consumer Sales and Use Tax receipts of nearly $95.6 million exceeded estimate by
$4.1 million and prior year by 2.9 percent. After adjustments for municipal
sales tax collections and special revenue transfers, state sales tax revenue
increased by 2.5 percent for the month. Cumulative General Revenue Fund sales
tax collections were up 1.1 percent as compared with an overall net increase in
state sales tax collections of 1.9 percent.
“Continued
growth in disposable income and increased construction activity are expected to
improve collection trends for the remainder of the fiscal year,” Hardy added.
Severance Tax General Revenue Fund collections of $36.1 million
exceeded estimate by roughly $0.9 million and prior year by 25.4 percent.
Year-to-date, Severance Tax collections of $200.5 million were $26.1 million
below estimate but 24.9 percent ahead of prior year receipts.
B&O Tax collections of nearly $13 million were $3.4 million above
estimate and 12.6 percent ahead of prior year. Year-to-date collections of
$71.5 million lagged estimate by nearly $4.8 million but still exceeded prior
year by 3.4 percent.
Corporation Net Income Tax collections of -$0.5 million were $0.6 million above
estimate due to refund activity. Cumulative collections of $59.6 million
exceeded estimate by $3.6 million and prior year by 4.2 percent.
State Road Fund collections of $59.8 million lagged estimate by
nearly $0.9 million but exceeded prior year receipts by 30.4 percent.
Cumulative collections of $530.3 million exceeded estimate by $10.2 million and
prior year receipts by 16 percent.
For
details on other revenues, go to www.budget.wv.gov/reportsandcharts/revenuereports.