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Gov. Justice announces $46.6 million revenue surplus for January 2021

2/1/2021

Year-to-date collections are now $173.8 million above estimates

CHARLESTON, WV – At his latest COVID-19 briefing on Monday, Gov. Jim Justice reported that West Virginia’s general revenue collections for the month of January 2021 came in at $46.6 million above estimates and 1.6% above prior year receipts, despite the effects that the COVID-19 pandemic has had on the state’s economy.

“We are saving people’s lives right now. That’s the number one responsibility of me being your Governor. But the second responsibility that I have is absolutely to maintain and to watch after the store,” Gov. Justice said. “I’ve got to make sure that the economics of the state continue to work because if the economics fail, for all practical purposes, the services and everything we do in government – everything we’re doing throughout our land – really becomes almost impossible to do.

“So, considering all of that, today I report to you terrific, terrific news; off-the-charts news,” Gov. Justice continued. “We are absolutely, without question, the envy of the nation.”

Year-to-date general revenue collections are now $173.8 million above estimates and 4.7% above prior year receipts

“In addition to that, remember, we have sitting in the wings behind us $200 million of income tax collections that we collected in July that are not included in this number,” Gov. Justice said. “We have a cash surplus in this state right now that is extremely healthy and extremely large. We have a surplus above budget that is extremely large at this point in time, and we’re going to hope and pray that we continue to grow.”

West Virginia has now banked surpluses in six of the first seven months of Fiscal Year 2021.

“West Virginia is poised for growth and diversification and lots and lots of good stuff,” Gov. Justice said. “We’re just going to keep it coming, West Virginia – keep this ball moving – and we’re going to hope and pray, as we ride off into the sunset, that everybody in West Virginia will be feeling better and prouder about who they are.”

The following is a summary of January General Revenue Fund collections:

January General Revenue Fund collections of nearly $444.7 million were $46.6 million above estimate and 1.6% above prior year receipts.
Year-to-date collections of more than $2.764 billion were $173.8 million above estimate and 4.7% above prior year receipts.
Cumulative collections were more than $123.0 million above prior year collections due to the deferral of $200 million in income tax receipts from the prior fiscal year.

A summary by major component follows:

Personal income tax collections totaled nearly $235.7 million in January. Collections were $26.6 million above the monthly estimate and 6.0% above prior year receipts. Cumulative personal income tax collections were $61.4 million above estimate and 10.3% ahead of last year. Cumulative collections included $144 million in deferred tax receipts from the prior fiscal year.
Corporation net income tax collections totaled $12.0 million in January. Collections were $10.0 million above estimate. Cumulative collections totaled $171.0 million as compared with $108.6 million in the prior year. Year-to-date receipts were $79.0 million above estimate. Cumulative collections included $56 million in deferred tax receipts from the prior fiscal year.
January severance tax collections totaled $29.0 million and cumulative collections totaled nearly $98.9 million. January collections exceeded estimate by $8.2 million. Cumulative collections were slightly above estimate.
Consumer sales tax collections rose by 2.4% in January, as monthly collections of $131.5 million were $0.2 million above estimate. Cumulative collections of $853.5 million were $26.1 million above estimate and 5.2% above prior year receipts.
January business and occupation tax collections totaled $5.9 million and cumulative collections totaled $66.0 million. Cumulative collections were $5.3 million below estimate and 13.9% below prior year receipts.

Contact Information

Jordan Damron, jordan.l.damron@wv.gov

Gov. Justice announces $46.6 million revenue surplus for January 2021

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