Hardy says General Fund revenue projections ‘spot on’

Updated 2 weeks ago Edited from a Press Release
Hardy says General Fund revenue projections ‘spot on’

CHARLESTON, W.VA. – West Virginia’s General Fund collections of $354 million for October missed estimates by just $500,000 and were nearly 10 percent above where they were last year. Revenue Secretary Dave Hardy said state revenues are right where they should be.

 

“Our revenue projections are absolutely spot on,” Hardy said. “Big picture: When you consider that last year at this time, we were completely under water and facing mid-year budget cuts in critical programs, today we find ourselves in a much better place.”

 

Cumulative overall General Revenue Fund collections of nearly $1.303 billion were $8.3 million below estimate, but $65.4 million above last year’s receipts.  

 

The slight shortfall in October is mainly attributable to one source – Consumer Sales and Use Tax.

 

“We are keeping an eye on sluggish sales tax numbers, but we aren’t worried at this point,” Hardy said.  “And we are excited to see marked improvement in our Personal Income Tax and energy industry revenues.”

 

The monthly sales tax deficit was offset by a $9.8 million monthly surplus in Personal Income Tax collections. For the year, Personal Income Tax revenues of $549 million were $7.8 million above estimate.

 

General Revenue Fund Severance Tax collections of more than $24 million for last month were $1.2 million below estimate, but more than 153 percent higher than October 2016’s collections. Cumulative collections of $80.7 million were $12.9 million below estimate, but were up 68 percent from prior year-to-date receipts. Overall severance taxes were up by 61 percent for the month and 37 percent for the year to date.

 

October State Road Fund collections of $86.6 million were $19.2 million above estimate and year-to-date revenues were $4.6 million above estimates.

 

“Big picture: things are improved greatly from this time last year, but we are still performing a bit of a balancing act,” Hardy said.

 

For details on other revenues such as the Tobacco Product Excise Tax, B&O Tax, Corporate Net Income Tax and the Insurance Premium Tax, go to www.budget.wv.gov/reportsandcharts/revenuereports.

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