State above estimates at halfway mark for first time since December 2012

 1/4/2018

CHARLESTON, W.VA. – At the six-month mark in the fiscal year, West Virginia’s cumulative overall General Revenue Fund collections of $1.968 billion were $2.7 million above estimate and nearly $106 million ahead of where the state was last year.

 

Revenue Secretary Dave Hardy said that this is the first time since 2012 that West Virginia’s collections have been above estimate at the fiscal year halfway mark.

 

“We’re proud of that fact, for sure,” Hardy said. “We are still cautiously optimistic at this point in the fiscal year, but so far, so good. The past three months have been very encouraging and show gradual and more consistent improvements.”

  

In December, General Revenue Fund collections of $367. 5 million exceeded estimates by $16.8 million and were 11.5 percent above prior year receipts.  Specifically, Personal Income Tax collections last month exceeded estimate by $21.5 million. Along with that increase in estimated income tax payments, nonresident withholding tax collections nearly doubled and there was a 7.3 percent rise in wage and salary withholding tax payments for December.

  

December saw shortfalls in the following: Consumer Sales and Use (-$4.6 million), Severance (-$1.2 million below estimate, but still 30.2 percent higher than last year), B&O (-$0.3 million), and Tobacco (-$0.9 million).

 

Along with the surplus in Personal Income Tax, December showed overages in the following: Insurance Premium (up $0.3 million) and Corporate Net Income (up $3.3 million).

 

December State Road Fund collections of $44.9 million were $4 million below estimate, but 14.9 percent above last year’s receipts. Cumulative State Road Fund collections were $9.6 million above estimate.

 

For details on other revenues, go to www.budget.wv.gov/reportsandcharts/revenuereports.



Contact Information

Lalena Price, Communications Director | Lalena.D.Price@wv.gov | 304-558-1017