W.Va. Revenue Collections Not Meeting Projections
The West Virginia Department of Revenue says revenue collections are more than 17 million dollars below projections in the first month of the new budget year.
The Charleston Gazette reports a variety of taxes came in below estimates in July causing the shortfall. The two biggest sources of tax revenue, consumer sales tax and personal income taxes, both came in below estimates.
Sales tax collections were about one and a half million dollars below estimates, while income tax collections were about 11 million dollars less than projected.
Deputy Revenue Secretary Mark Muchow says the state's economy needs to grow by about 4 percent in order to balance the state budget by the end of the fiscal year.