CHARLESTON, W.Va. (WOWK) – West Virginia Governor Jim Justice has announced that January 2020 revenue collections were $13 million above estimates, which was 3.6% above prior year receipts.
The governor’s office says January also marks the beginning of the third quarter of Fiscal Year 2020. Cumulatively, Fiscal Year 2020 is just 0.6% below the record-breaking prior year receipts.
“Our numbers continue to show that West Virginia is in good financial health, pacing very close to last year’s record-breaking numbers,” Justice said. “That said, we must continue to be conservative in our budgeting, so I encourage the Legislature to continue monitoring these numbers just like Secretary Hardy and I will.”
According to the governor’s office, the January General Revenue Fund collections totaled $437.5 million and were nearly 3.6% above prior year receipts. The monthly surplus was due to stronger than expected collections for the Corporation Net Income Tax, Miscellaneous Receipts, Interest Income and Consumer Sales Tax. Receipts from these four sources were, collectively, $30 million above estimate for the month.
“This marks the second month in a row that our shortfall has decreased,” Revenue Secretary Dave Hardy said. “We’re seeing positive momentum in a lot of areas, like our corporate net income tax being more than 60 percent above last year’s receipts, and this momentum is occurring despite the loss of thousands of jobs due to the halting of pipeline construction, and our year-to-date severance tax collections coming in 34 percent below last year. These numbers show, more than anything, that West Virginia’s economy is diversified and set up for future success.”