Surpluses continue in West Virginia

Politics
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February 07 2021 06:00 pm

CHARLESTON, WV (WOWK) – West Virginia now has surpluses in each of the first five months of Fiscal Year 2021. Gov. Jim Justice reported that year-to-date general revenue collections are $131.7 million above estimates and 9.1% above prior year receipts.

West Virginia’s general revenue collections for the month of November came in at $20.1 million above estimates and 6.1% above prior year receipts, closing the books on yet another positive financial month, despite the effects that the COVID-19 pandemic has had on the state’s economy.

 “The pandemic, no question, has been a punch to the stomach. But we kept our economy moving and we’ve stayed on this great roll we’ve been on.” said, Governor Justice.

Total General Revenue Fund collections for the month of November were $342.5 million. Year-to-date collections have totaled $1.937 billion; nearly $162 million above prior year receipts.

A summary by major component follows:

  • Consumer sales tax collections rose by 7.5% in November, as monthly collections of $133.6 million were $6.6 million above estimate. Cumulative collections of $591.6 million were $25.7 million above estimate and 6.5% above prior year receipts.
  • Personal income tax collections totaled $149.8 million in November. Collections were $14.8 million above the monthly estimate. Cumulative personal income tax collections were $45.7 million above estimate and 15.7% ahead of last year. The November revenue gains were largely attributable to a 10.4% rise in monthly wage and salary withholding tax collections in comparison with the prior year.
  • November severance tax collections totaled $21.0 million and cumulative collections totaled $54.2 million. Collections for the year-to-date were $6.9 million above estimate.
  • Corporation net income tax collections totaled $2.1 million in October. Collections were $1.6 million above estimate. Cumulative collections totaled $118.6 million as compared with $67.1 million in the prior year. Year-to-date receipts were $50.6 million above estimate.
  • November collections included $2.0 million from abandoned and unclaimed property receipts.

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