Tag: State Revenue

State Revenue Down, But Still Ahead Of Estimates

West Virginia’s state revenue is down from last fiscal year by 12 percent. Despite the decrease in income, the state is exceeding revenue estimates by more than $522 million.

West Virginia’s state revenue is down from last fiscal year by 12 percent — a difference of more than $500 million.

In March 2024, the state collected about $487.4 million. That is nearly $95 million over revenue estimates, but 6 percent lower than what it collected in March 2023.

Sean O’Leary, senior policy analyst with the West Virginia Center on Budget and Policy, attributed the change to personal income tax cuts passed last year.

In 2023, Gov. Jim Justice cut personal income tax in the state by more than 20 percent, the largest tax cut in the state’s history.

Proponents of the cuts saw it as a way for residents to keep more money from their paychecks. But others worried decreasing state funding would make it harder to keep up with infrastructure needs.

O’Leary said that the decrease in state funds has reduced Medicaid and higher education resources in the state.

He also said that a collapse in natural gas prices has further reduced taxable revenue sources for the state.

Still, despite the decrease in income, the state is exceeding revenue estimates by more than $522 million.

Budget estimates are set by the State Budget Office, a staff agency for the governor.

Justice has expressed optimism over the surplus, despite the decrease in revenue and a dip below state estimates in February.

“We’ve shown time and time again that when we put West Virginians first, and prioritize their needs and wants, it propels our rocket ship higher,” Justice said in a Monday press release.

State Revenue Falls Short In February, But Remains Ahead For Year

West Virginia’s state revenue for February 2024 fell $30.62 million below official estimates — nearly 10 percent lower than anticipated. Despite this, the state revenue remains above projections for the current fiscal year as a whole.

West Virginia’s state revenue for February 2024 fell $30.62 million below official estimates — nearly 10 percent lower than anticipated.

The state revenue is totaled from taxes, fees and service charges. That figure hit just $283.4 million in February.

Despite the shortfall, the state’s revenue remains ahead of projections for fiscal year 2024 as a whole.

Since the start of the 2024 fiscal year in July, the state has collected more than $3.581 billion, which is nearly 14 percent higher than initial projections for the fiscal year.

In a press release Monday, Gov. Jim Justice still expressed optimism for the months ahead.

“While February’s revenue came in slightly below our expectations, it’s important to remember this is due to the timing of certain personal income tax credits,” he said. “Looking ahead, I remain very confident in West Virginia’s long-term financial health.”

West Virginia Posts $53M Revenue Surplus

Gov. Jim Justice says West Virginia ended April with a more than $53 million revenue surplus.

The Republican governor announced the figure Thursday, May 2. He says revenues have been above estimates for 13 of the past 15 months.

More than $604 million total came into the state’s general revenue fund, reflecting income tax payments that were due in mid-April. The year-to-day collection amount is about $3.9 billion, which is nearly a quarter of a billion dollars above the governor’s office estimate.

Justice says “these are big-time numbers and while they’re spectacular beyond belief, we can do even more for all of us.”

Gov. Justice: W.Va. Headed for Strong Fiscal Year Finish

West Virginia tax revenue for the month of April were above estimates, putting the state on track to reach projections by the end of the fiscal year in June, according to Governor Jim Justice.

Justice said during a news conference that revenue collections for April were $23.7 million above estimates.

“It was greatly because of personal income taxes and wage and salary withholdings, which are indicators of a strong and vibrant economy and good things going on,” Justice said.

Collections for the current fiscal year now stand at almost $3.4 billion — or 99.9 percent of year-to-date estimates and 4.4 percent above the last fiscal year.

Justice also says bond rating agency Fitch Ratings told officials it recently revised the state’s outlook from “negative” to “stable.”

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