W.Va. Revenue Continues to Be Ahead of Estimates
For the first time in five years, West Virginia revenue collections are reported to be above estimates at the fiscal year halfway mark.
State revenue officials say West Virginia’s overall cumulative collections in the General Revenue Fund are over $100 million ahead of where the state was this time last year. And the state is above estimates at the fiscal year halfway mark for the first time since December 2012.
State Revenue Secretary Dave Hardy said numbers in the last three months have been encouraging, and he’s “cautiously optimistic” the trend will continue upward.
The General Revenue Fund went up nearly $370 million in December – that’s almost 12 percent higher than last year. Personal Income Tax exceeded estimates by $21.5 million.
December did see some shortfalls in Consumer Sales and Use tax, Severance, B&O, and tobacco taxes. State Road Fund collections for last month were nearly $45 million and 15 percent higher than December 2016.
Hardy said he anticipates there will be an uptick in severance tax in the upcoming winter months due to the high volume of heat use in homes.
Editor’s Note: Headline was revised for clarity.