By January 5, 2018 Read More →

West Virginia state revenue collections break 59-month losing streak

By PHIL KABLER

Charleston Gazette-Mail

CHARLESTON, W.Va. — For the first time in 59 months — since 2012 — West Virginia tax collection for December lacked one thing: red ink. The collection of $367.54 million topped estimates for the month by $16.8 million, or 5 percent.

After years of revenue shortfalls and mid-year spending cuts, the state passed the midpoint of the 2017-18 budget year in the black, with year-to-date collection of $1.968 billion exceeding estimates by $2.7 million.

“Halfway through the year, things are continuing to trend upward,” Revenue Secretary Dave Hardy said Thursday during the department’s monthly revenue briefing. “I’m very pleased with the numbers we’ve compiled through the end of December.”
Year-to-date collection also is more than $106 million higher than the same point in 2017, when the state had collected but $1.86 million in tax revenue and was on pace to finish with a $165 million budget shortfall.

Two years ago at this point, the outlook was even more grim, with mid-year collection of $1.85 billion pointing to a $350 million budget shortfall.

Read the entire article: https://www.wvgazettemail.com/news/politics/wv-state-revenue-collections-break–month-losing-streak/article_3c9b8d28-ace5-5aba-8259-70779318ad1c.html

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