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West Virginia ends fiscal year with record revenue

By Steven Allen Adams, The Intelligencer

CHARLESTON, W.Va. – Buoyed by a recovering post pandemic lockdown economy and federal COVID-19 stimulus, West Virginia saw record-breaking tax revenue and an overflowing rainy day fund for fiscal year 2021 that ended Wednesday.

According to preliminary numbers in the June report from the Senate Finance Committee based on the original revenue estimate prepared last July by the State Budget Office, the state ended fiscal year 2021 with $4.990 billion in tax collections for the general revenue fund, the largest amount collected according to 11 years worth of data.

You have economic numbers that are off-the-chart good in every way,” Gov. Jim Justice said at his Thursday COVID-19 briefing at the Capitol. “You have the economic engine of this state running absolutely phenomenally.”

June collections came in at $497.6 million, which was 5.5% more than the $471.8 million revenue estimate, resulting in a surplus for the month of $25.8 million. Added to the total of year-to-date surplus dollars, the state collected $415.3 million more than the $4.575 billion revenue estimate, 9 percent more than the estimate and 11% more than the previous fiscal year…

To read more: https://www.theintelligencer.net/news/top-headlines/2021/07/west-virginia-ends-fiscal-year-with-record-revenue/

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