Tag: Dave Hardy

Gov. Justice Says W.Va. Has Hit Historic Moment in Revenue Numbers

Gov. Jim Justice and officials from the state Department of Revenue say West Virginia has hit a historic moment in general revenue collections.

In a press conference Wednesday, Justice announced West Virginia’s general revenue collections for fiscal year 2019 has generated more than $450 million so far, with a projection for that to hit $500 million by the end of the fiscal year on June 30.

Justice compared that with the state’s general revenue growth between 2007 and 2017, which yielded only $314 million during that 10-year period – a less than 1 percent growth rate.

This year, the state has seen an 11.5 percent growth rate, which officials say is the highest level in the state’s history.

Revenue Secretary Dave Hardy explained that puts West Virginia among the top in the country.

“West Virginia’s growth at the end of April was 11.5 percent, which made us the second largest growth this year in the whole United States of America,” he said.

Hardy said Oklahoma beat West Virginia in growth rate this year.

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. 

State Revenue Estimates are 'on Target' Halfway through Fiscal Year

West Virginia is on track to meet its budget estimates for this fiscal year.

In a press call with reporters, Revenue Secretary Dave Hardy said the state’s General Revenue Fund is 4.5 percent ahead of where it was this time last year – and overall budget estimates for this fiscal year are, so far, on target.

November saw nearly $300 million in increased revenue bringing the cumulative General Revenue Fund collections to more than $1.6 billion.

“I’m happy,” Hardy said, “I think the revenue projections are good for the people of West Virginia, and there’s certainly, hopefully, we’re beginning to see the making of a trend here, because we are 5/12 of the way through the fiscal year.”

There were some shortfalls in November collections, however – such as severance tax – which taxes coal, oil and natural gas. Severance taxes were down $3.5 million last month, but compared to last year, Hardy notes, it was up 19 percent from November 2016.

Hardy says collections in personal income, consumer sales, and corporate net receipts helped to offset November’s shortfalls.

The State Road Fund saw a big increase from the previous year – over 16 percent above prior year receipts. Hardy says this is due, in large part, to the increase in license plate fees, fuel tax, and a 1 percent sales tax enacted by the West Virginia Legislature.

West Virginia Monthly Tax Receipts Up Again from Last Year

West Virginia tax officials say collections of nearly $949 million so far this fiscal year are 3.7 percent or almost $34 million higher than the same period last year.

Treasury Secretary Dave Hardy says revenues from September alone were up 3.5 percent mainly due to increases in corporate net income tax as well as severance tax receipts from coal mining and natural gas drilling.

He says the first-quarter results show “things are materially better than they were last year.”

The Department of Revenue reports severance taxes from production of coal, natural gas and oil are up 19 percent for the month and 47 percent for the quarter from a year earlier.

Hardy says that trend is expected to continue upward due to improving natural gas and higher coal sales.

West Virginia Tax Receipts Up 3.9 Percent from Last Year

West Virginia tax officials say collections of nearly $560 million so far this fiscal year are 3.9 percent higher than last year, though August receipts of almost $307 million were lower than budget estimates.

Treasury Secretary Dave Hardy says the boost in collections is good news for the state two months into its new year.

He says severance taxes from production of coal, natural gas and oil are up 8 percent from the same two months last year, though lower than estimated in August.

That’s attributed to a drop in natural gas prices, which are expected to rebound with cooler weather.

The West Virginia road fund’s $69.2 million collected was higher than the estimate and last August’s receipts from legislated increases in registration fees and gas taxes.

State Adds $170M to 2018 Revenue Projection, Relies on Unpassed Bills

State revenue officials have released new income projections for the 2018 fiscal year, but are basing those numbers largely on legislation that has yet to be approved by lawmakers during a special session.

Revenue Secretary Dave Hardy released the updated projections for the 2018 fiscal year Tuesday, increasing previous estimates by nearly $170 million.

Hardy said $40 million of the new revenue is thanks to legislative and executive action taken during the regular session, including ending some transfers of funds to the state’s workers compensation debt or increasing the wholesale price of liquor.

The other $129 million is the result of projected increased economic activity.

That activity is partially due to expected upticks in the coal and natural gas industries, but most of the revenue is estimated to come from the economic impact of the governor’s roads package.

That package includes increasing the wholesale prices of gasoline by 3.5 cents and hiking Division of Motor Vehicle fees to fund new road construction. The bills have not yet been approved by lawmakers during their current special budget session.

The Governor’s Office says if lawmakers choose to also pass a tax reform measure that is largely based on increasing the consumer sales tax and lowering the personal income tax, lawmakers would have an additional $183 million to use in the 2018 fiscal year.

Lawmakers have until June 30 to approve a budget bill to avoid a government shutdown. 

Editor’s Note: This story has been updated to clarify the source of new revenue projected for the 2018 fiscal year.

Exit mobile version