CHARLESTON, W.Va. – With the aid of November collections of $298.5 million, cumulative General Revenue Fund collections of more than $1.6 billion are 4.5 percent ahead of last year and more than 99 percent of the estimate.
Revenue Secretary Dave Hardy remains cautiously optimistic that five months in, the state is on track to meet its estimates.
“We saw stronger collections in personal income, consumer sales and use and corporate net receipts that partially offset shortfalls elsewhere,” Hardy said. “Collections seem to be balancing themselves out.”
November shortfalls in Severance (-$3.5 million), B&O (-$3.3 million), Tobacco (-$2.9 million) and Insurance Premium (-$2.6 million) taxes were partially offset by a near $3.8 million monthly surplus in Personal Income Tax collections, a $1.6 million surplus in Consumer Sales Tax collections and a $1.1 million surplus in Corporation Net Income Tax. Net collections for the month were just $5.8 million short of estimate.
Cumulative overall General Revenue Fund collections of more than $1.6 billion were $14.1 million below estimate, but $68.4 million above prior year receipts.
General Revenue Fund Severance Tax collections for last month totaled more than $31.6 million for the month, an amount that was nearly $3.5 million below estimate, but 19 percent higher than prior year receipts. Cumulative of $112.3 million were $16.4 million below estimate, but nearly 51 percent above prior year-to-date receipts.
“Overall Severance Tax collections were up 33 percent from last year’s receipts,” Hardy said. “We had some slower growth in the first few months of the fiscal year, but the data we are seeing makes us think we are going to meet or exceed our future estimates. Natural gas is the industry to keep an eye on at this point.”
November State Road Fund collections of $63.8 million were $9 million above estimate and 16.1 percent above prior year receipts. Cumulative State Road Fund collections were $13.6 million above estimate and 13.6 percent above prior year receipts.
For details on other revenues, go to www.budget.wv.gov/reportsandcharts/revenuereports.