CHARLESTON, WV – Gov. Jim Justice announced today that West Virginia’s revenue collections are set to come in at $20.4 million above estimates when the books officially close on the month of October this weekend.
According to a press release from the governor’s office, West Virginia has now banked surpluses in each of the first four months of Fiscal Year 2021, over which time the state has also accumulated a cash balance of $298 million.
“West Virginia is kicking butt across the board,” Gov. Justice said. “The surpluses that we’re seeing are amazing and they are going to enable us to keep doing more and more goodness for our schools, our roads, and so much more for all West Virginians.
In a virtual briefing to update West Virginians on state revenue numbers, Gov. Justice reported that year-to-date general revenue collections are $110.8 million above estimates and 9.7% above prior year receipts.
According to the press release, Gov. Justice also highlighted that West Virginia has accumulated a $298 million cash surplus through the first four months of fiscal year (FY)2021.
For comparison, the cash flow at the end of October last year was approximately $120 million, nearly 2.5 times less than the cash surplus recorded so far this year, despite the effects that the COVID-19 pandemic has had on the state’s economy.
“I congratulate all of you out there who are part of the engine making us go,” Gov. Justice said. “From our businesses, to the people of West Virginia, we thank you so much. You’re doing really great work.
“We’re truly on the move,” Gov. Justice continued. “Now what we want to do is take this positive momentum and go with it.”