By Steven Allen Adams, The Parkersburg News and Sentinel
CHARLESTON, W.Va. — Tax collections in West Virginia came in below projected amounts for the month of August, with year-to-date numbers staying slightly under expectations two months into fiscal year 2025.
According to a monthly report released by the Senate Finance Committee, tax collections for the state’s general revenue fund for August came in at $403.8 million, which was 1.3% below the $409 million estimate set by the Department of Revenue and 1.7% below August 2023 collections of $410.8 million.
Year-to-date tax collections for fiscal year 2025 that began in July were $739.2 million, which was 0.03% below the $739.4 million revenue estimate and nearly 0.1% below collections of $745.8 million for the July and August 2023. That puts tax collections for the first two months of the current fiscal year $206,000 below estimates.
Speaking last week during a meeting of the Joint Standing Committee on Finance during August legislative interim meetings at the State Capitol Building, Department of Revenue Secretary Larry Pack said he was not concerned yet with tax revenues staying slightly above and below estimates.
“July was a break-even month. We think August is going to be a break-even month,” Pack said. “By the time we get through the first quarter, we’ll have a much better idea about where we’re going for this fiscal year, but we feel comfortable with the revenue estimates that are in place.”