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West Virginia sees modest surplus in first quarter of fiscal year

By Steven Allen Adams, The Intelligencer

CHARLESTON, W.Va. — Despite the first two months coming in slower, West Virginia ended the first three months of the new fiscal year with a modest tax revenue surplus, pleasing Gov. Jim Justice and state revenue officials.

According to the monthly report released Monday by the Senate Finance Committee, West Virginia ended the first three months of fiscal year 2024 with $1.4 billion for the general revenue fund, which was 19.8% more than the $1.2 billion estimate by the state Department of Revenue, giving the state more than $233 million in excess tax revenue since the new fiscal year began in July.

September tax collections of $672.1 million was 43.7% more than the $467.9 million revenue estimate, giving the state a $204.2 million surplus for the month and the largest monthly surplus to date. Tax collections for September were also 5.2% more than September 2023 tax collections of $638.8 million.

Speaking Friday during his weekly administration briefing at the State Capitol Building, Justice acknowledged that tax revenues came in slower for July and August after ending fiscal year 2023 in June with more than a $1.8 billion tax revenue surplus.

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