CHARLESTON, W.Va. - West Virginia’s total General Revenue Fund (GRF) collections for September were $570 million, exceeding estimates by $16 million, or 2.9%. For the Fiscal Year-to-Date (FYTD) through September, total GRF collections of $1.41 billion exceeded the estimate of $1.35 billion by $62 million, or 4.6%. Total GRF collections for the FYTD were $38 million, or 2.7%, over the prior FYTD.
“West Virginia continues to outperform expectations, with revenues now $62 million ahead of estimate through the first three months of the fiscal year,” said Governor Morrisey. “We’re cutting taxes, attracting historic levels of investment, and keeping our state on strong financial footing. West Virginians are keeping more of their hard-earned money, and our revenues continue to exceed expectations.”
Personal Income Tax collections, the largest individual GRF component, were $226 million in September and below the monthly estimate by $10 million, or 4.4%. Personal Income Tax collections are $16 million above estimate for the FYTD, and are $15 million, or 2.7%, above the prior FYTD.
Consumer Sales Tax collections exceeded the monthly estimate by $5 million (2.5%), with total collections for September of $182 million. For the FYTD, collections from the Consumer Sales Tax are $20 million, or 3.9%, ahead of estimate. Consumer Sales Tax collections are $30 million (6.1%) above the prior FYTD.
Severance Tax collections were $45 million in September, beating the estimate by $5 million. Severance Tax collections are above both the prior FYTD by $5 million, or 5.5%, and the FYTD estimate by $3 million, or 3.8%.
Corporate Net Income Tax collections in September outpaced the estimate by $12 million, or 22.1%. Relative to the FYTD estimate, collections are $10 million above estimate and less than $1 million below the prior FYTD.
Tobacco Products Tax collections exceeded their estimate by less than $1 million in September and are $1 million above estimate for the FYTD. However, collections for the Tobacco Products Tax are down slightly from actual collections in the prior FYTD. As consumption patterns shift over time away from traditional cigarette products, it is anticipated that this category will continue to decline.
Insurance Tax collections were $1 million in September, slightly exceeding the monthly estimate. For the FYTD, collections are $1 million above estimate and even with the prior FYTD.
Interest Income continues to exceed estimates with $11 million in September, beating the estimate by $3 million, or 32.0%. For the FYTD, collections are $6 million ahead of estimate but $9 million below the prior FYTD. The short-term interest rate environment has remained elevated relative to expectations, leading to higher returns on the State’s short-term investments.