Edited from a Press Release

CHARLESTON, W.VA. – Two months into Fiscal Year 2018, General Revenue collections put the state $19.3 million behind estimates, but $20.7 million ahead of last year, according to Dave Hardy, cabinet secretary of the West Virginia Department of Revenue.

 

August General Revenue Fund collections of $306.7 million were $16.4 million below estimate and 2.2 percent below prior year receipts.  Cumulative collections of nearly $559.5 million were $19.3 million below estimate, but 3.9 percent ($20.7 million) above last year’s receipts.  

 

The monthly shortfall is attributable to three sources – Personal Income Tax, Severance Tax and the Insurance Premium Tax. Hardy said there were timing issues for tax receipts in August and higher-than-typical collections in July that had a significant impact on revenues.

 

Severance Tax collections also fell below estimate last month because of a recent trend of declining natural gas prices.

 

“It’s important to keep in mind that September’s numbers will tell us a lot,” Hardy explained. “It’s the first key month of collections for purposes of judging the overall outlook for the State General Revenue Fund for the year because quarterly estimated income tax payments will be due this month.”

 

Highlights of major revenue collections include: