CHARLESTON, WV (LOOTPRESS) – West Virginia’s General Revenue Fund collections exceeded estimates in September, with revenues also running ahead of projections through the first three months of the fiscal year.
The state collected $570 million in General Revenue Fund revenue during September, exceeding the monthly estimate by $16 million, or 2.9%.
Fiscal year-to-date collections through September totaled $1.41 billion, $62 million, or 4.6%, above the estimated $1.35 billion. Collections were also $38 million, or 2.7%, higher than during the same period of the previous fiscal year.
“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 component of the General Revenue Fund, totaled $226 million in September. That was $10 million, or 4.4%, below the monthly estimate.
Despite the September shortfall, Personal Income Tax collections remain $16 million above estimates for the fiscal year to date and $15 million, or 2.7%, higher than the same period last year.
Consumer Sales Tax collections totaled $182 million in September, exceeding estimates by $5 million, or 2.5%. Fiscal year-to-date collections are $20 million, or 3.9%, ahead of estimates and $30 million, or 6.1%, above the prior fiscal year-to-date total.
Severance Tax collections reached $45 million in September, $5 million above estimates. Fiscal year-to-date collections are $3 million, or 3.8%, above estimates and $5 million, or 5.5%, higher than the same period last year.
Corporate Net Income Tax collections exceeded September estimates by $12 million, or 22.1%. For the fiscal year to date, collections are $10 million above estimates and less than $1 million below the prior fiscal year’s total for the same period.
Tobacco Products Tax collections exceeded September estimates by less than $1 million and are $1 million above estimates for the fiscal year to date. Collections, however, are slightly below the previous fiscal year’s level. State officials anticipate the category will continue to decline as consumption shifts away from traditional cigarette products.
Insurance Tax collections totaled $1 million in September, slightly exceeding estimates. Fiscal year-to-date collections are $1 million above estimates and even with the same period last year.
Interest Income totaled $11 million in September, exceeding estimates by $3 million, or 32%. Fiscal year-to-date collections are $6 million above estimates but $9 million below the same period during the previous fiscal year.
State officials attributed the higher-than-expected interest income to short-term interest rates remaining elevated relative to expectations, resulting in higher returns on the state’s short-term investments.
