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West Virginia brought in $16 million more than projected for September, 3% ahead of estimate. For the first three months of the fiscal year, collections are up $62 million with increases in most – but not all -- categories.
“West Virginia continues to outperform expectations,” Gov. Patrick Morrisey said.
Each year, the governor’s office prepares revenue projections for the coming fiscal year, taking into account several factors like employment, inflation and coal and natural gas income.
These projections are normally conservative, leaving a revenue excess at the end of each month.
Personal income tax collections, the largest individual revenue component, were $226 million in September and below the monthly estimate by $10 million.
Consumer Sales Tax collections exceeded the monthly estimate by $5 million. Collections are 6.1% above the prior fiscal year to date.
Severance Tax collections were $45 million in September, beating the estimate by $5 million.
Corporate Net Income Tax collections in September outpaced the estimate by $12 million. Collections are $10 million above estimate for the fiscal year to date and less than $1 million below the prior fiscal year.
Tobacco Products Tax collections exceeded their estimate by less than $1 million in September and are $1 million above estimate for the first quarter.
However, collections are down slightly from actual collections last year. As consumption patterns shift over time away from traditional cigarette products, it is anticipated that this category will continue to decline.