State Officials: 2018 Budget Year to End in Surplus
Gov. Jim Justice and his revenue staff say West Virginia is heading toward a budget surplus as the state nears the end of the 2018 fiscal year.
The governor and his revenue staff announced May’s revenue collections were more than $20 million above estimates. The entire month saw nearly $330 million in total revenue collection.
Several key collections came in above estimates, including personal income tax by $8.5 million, severance tax collections by nearly $4 million, and consumer sales tax by nearly $1 million.
General Revenue Fund collections remained on target in May, and Cumulative State Road Fund collections were $12.5 million above estimates.
Justice says the state is headed toward a budget surplus at the end of the month, and fiscal year 2019 looks promising.
Deputy Secretary Mark Muchow says a big reason for the increase in revenue is an increase in employment across the state of 9400 jobs since this time last year.