CHARLESTON, WV – Today, Gov. Jim Justice announced that West Virginia’s General Revenue collections for August 2021 came in at $29.9 million above estimates.
“The State of West Virginia continues just to percolate along and do absolutely wonderful,” Gov. Justice said. “If you'll think back a few years, we had doom and gloom all the time. Now, all I do is continue to report to you good number after good number.”
August collections of nearly $383.5 million were 15.7% ahead of prior year receipts.
Year-to-date collections of $689.3 million are $58 million above estimates.
“Our growth continues from the standpoint of all kinds of different sectors,” Gov. Justice said.
Personal income tax collections were nearly $5 million above estimate and 7.2% ahead of prior year. YTD collections were $19.7 million above estimate.
Consumer sales tax receipts were nearly $12.9 million above estimate and 7.3% ahead of prior year. YTD collections were $8.3 million above estimate and 4.3% ahead of prior year.
Severance tax collections totaled $45.9 million. Collections were $8.9 million above estimate and 213% ahead of last year. YTD general revenue fund severance tax collections were $19.9 million above estimate and $45.3 million ahead of last year. Current natural gas prices are roughly triple the price at this time last year. Average coal prices are also higher along with higher production for both natural gas products and coal.
“The State is doing wonderful,” Gov. Justice said. “We're on really rock solid ground and we're just gonna keep building on it.”
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office