Gov. Justice announces Fiscal Year 2021 ends with $413 million surplus

7/1/2021

*|MC:SUBJECT|*
CHARLESTON, WV – Gov. Justice reported today that the State of West Virginia ended Fiscal Year 2021 with a $413 million revenue surplus, despite the effects that the COVID-19 pandemic has had on the State’s economy.

Gov. Justice requested and the West Virginia Legislature approved the appropriation of $150 million for secondary roads and $253.8 million for a variety of projects and initiatives in a pair of recent Special Sessions. The remaining surplus will be deposited to the Rainy Day Fund soon.

“We asked the Legislature to step up...they did so, and those dollars will be flowing through projects to help our roads and to help all kinds of other different projects all throughout our state,” Gov. Justice said.

The Governor went on to report substantial growth in its returns in corporate net income tax, consumer sales tax, personal income tax, and severance tax.

“Our state is diversified today in many different areas; from medicine to high-tech to tourism and all the different things that are happening all across our state,” Gov. Justice said. “Severance tax being up is another goody, that’s for sure. But it is not the only goody. In fact, it’s far from it.

“You’ve done really good, West Virginia, and I’m really proud of you.”
The following is a summary of Fiscal Year 2020-2021 General Revenue Fund collections:
  • June revenue collections totaled $540.3 million, an amount that was 6.7% above prior June receipts. June collections included a $45 million transfer to the Income Tax Refund Reserve Account. Total FY2021 revenue collections were $458 million above the original pre-Pandemic revenue estimate.
  • Final FY2021 General Revenue Fund collections of nearly $4.988 billion were 11.0% above prior year receipts.

A summary by major component follows:
  • General Revenue Fund personal income tax collections totaled nearly $2.254 billion, an increase of 15.7% from the prior year.
  • Consumer sales tax collections rose by 9.1% in June. Cumulative collections were 10.9% above prior year receipts.
  • Fiscal Year 2021 corporation net income tax collections totaled nearly $320.5 million as compared with $152.0 million in the prior year.
  • Severance tax rebounded strongly in the second half of the year to finish at a total of nearly $274.3 million (2.7% ahead of prior year receipts and $1.3 million ahead of the revised estimate). June collections of $56.3 million reflected a continuing rebound in both natural gas prices and overall energy production and sales.
  • Fiscal Year 2021 ended with a $413 million surplus. Governor Justice requested and the West Virginia Legislature approved the appropriation of $150 million for secondary roads and $253.8 million for other purposes. The remaining surplus will be deposited to the Rainy Day Fund soon.
Share Share
Tweet Tweet
Forward Forward

Contact Information

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

Contact

Office of the Governor
State Capitol, 1900 Kanawha Blvd. E
Charleston, WV 25305

Office Phone:
304.558.2000 or 1.888.438.2731

Governor's Mansion:
304.558.3588

Flag Status

American Flag Full Staff
State Flag Full Staff
 

Banner Images Courtesy of the West Virginia Department of Commerce

Site Map