West Virginia Senate Report: October Revenues $3.3 Million Below Estimates
Updated Friday, November 1, 2019 at 2:47 p.m.
State budget revenues again came in under estimates for the month of October. The latest numbers continue a downward trend that has state officials preparing for budget cuts.
A preliminary report from the West Virginia Senate’s Finance Committee says state revenue collections were down $3.3 million in October.
The report says personal income, consumer sales and severance taxes were all below estimates.
Now four months into the fiscal year, the state is more than $33 million behind year-to-date estimates.
Revenue Secretary Dave Hardy last week warned of up to $100 million in budget cuts for the current and upcoming fiscal years. He attributed the downturn in revenue to volatility in severance tax collections from natural gas.