State Revenue Miss Estimates for First Fiscal Month
West Virginia's revenue collections missed estimates for the fiscal year's first month.
Figures released Wednesday by the West Virginia Department of Revenue show General Revenue Fund collections for July were nearly $4.8 million below the estimate. Collections totaled $251.78 million.
Severance tax collections totaled about $11 million, which was $3.8 million below the estimate.
Revenue Secretary Robert Kiss says in a news release that the severance tax revenue decline was due to lower energy prices and recent cutbacks in coal production.
Personal income tax collections totaled more than $117 million, which was nearly $5 million below the estimate.
Consumer sales tax collections were about $4 million above the estimate, totaling about $84 million.