Year-to-date surplus exceeds $1.7 billion for first time in state history…with a month left to go

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Thursday, June 1, 2023


** Gov. Justice: West Virginia breaks all-time state record for revenue collections through May
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CHARLESTON, WV – Gov. Jim Justice announced today that, 11 months through Fiscal Year 2023, year-to-date collections of more than $5.9 billion are a record $1.72 billion above the YTD estimate and 12.9% ahead of last year, breaking the all-time state record for total collections and total YTD surplus through the month of May.

"This is another historic accomplishment – setting all-time records for total collections and total surplus in state history," Gov. Justice said. "I am beyond proud of the hardworking West Virginians who made these numbers possible, and of all the companies far and wide who have invested in West Virginia, providing good-paying jobs for our people. We’re blessed beyond belief in our state, and it’s a testament to the world continuing to realize that West Virginia is the true diamond in the rough that they all missed.

“This incredible surplus will allow us to continue making wise investments in our roads, schools, water systems, broadband, economic development, and much more. All West Virginians will see the benefit of these dollars, and should be incredibly proud of this accomplishment today.”

West Virginia’s General Revenue collections for May 2023 came in at $134.5 million over estimate.

The following is a summary of the four major components that accounted for 92% of the year-to-date surplus and 85% of the year-to-date 12.9% revenue gain.

May Personal Income Tax collections totaled more than $185.5 million. Collections exceeded the monthly estimate by $43.1 million. Record year-to-date collections of more than $2.463 billion were $482.6 million above the official estimate and 8.5% ahead of prior year receipts.

Consumer Sales Tax collections of $155.0 million were $16.2 million above estimate in May and 2.8% ahead of prior May collections. Cumulative collections of more than $1.553 billion were $205.8 million above the official estimate and 6.2% ahead of last year.

Corporation Net Income Tax collections totaled nearly $14.0 million in May. Monthly collections were nearly $11.0 million above estimate. Year-to-date collections of $344.8 million were $216.8 million above the official estimate and 17.0% ahead of prior year-to-date collections.

May General Revenue Fund Severance Tax collections totaled nearly $67.9 million. Monthly collections exceeded the official estimate by nearly $47.9 million. Record year-to-date general revenue fund severance tax collections of $890.4 million were 37.4% ahead of last year and $670.4 million above the official estimate.

Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office ([link removed])
Under Gov. Justice’s leadership, West Virginia continues to enjoy an unprecedented era of success and prosperity.

After inheriting a $500 million budget deficit, Gov. Justice has led the state to a string of consistent budget surpluses by using his lifelong experience as a businessman to make West Virginia a more business-friendly state and by standing behind the energy industry.

Earlier this year, he signed into law the largest tax cut in state history, returning over $750 million to hardworking West Virginians through income tax reductions, with triggers built in for more cuts in the future.

At the same time, West Virginia has achieved record-low unemployment rates. The state’s seasonally adjusted unemployment rate decreased to 3.3% for April 2023, notching below the national rate.

West Virginia is finally competing on the world stage and recruiting world-class companies to our state as shown in several major economic development announcements. Nucor Corporation announced that they selected Mason County as the location for a state-of-the-art sheet steel mill. This record investment will exceed $2.7 billion, making it the largest in West Virginia history, as well as the largest single investment Nucor has ever made. GreenPower Motor Company announced an agreement with the state to manufacture zero-emission, all-electric school buses in South Charleston, bringing hundreds of new jobs and millions of dollars in economic impact to West Virginia. Owens & Minor, a Fortune 500 company that provides medical supplies, is going to expand on a deal they previously had with WVU Medicine and create over 125 jobs at a healthcare products preparedness and supply center in Morgantown. Omnis Building Technologies will build a $40 million, 150,000-square-foot facility in Bluefield to
manufacture housing materials that will revolutionize the future of residential construction, creating 150-300 jobs in the process. Klöckner Pentaplast has announced a multimillion-dollar expansion of their West Virginia facility. PepsiCo is building a pair of new distribution facilities this year, representing a combined $32.5 million investment, while providing 185 jobs in West Virginia. Veloxint, a manufacturer of nanocrystalline metal alloys, is moving to Touchstone Research Laboratory Ltd. in Triadelphia and is expected to create another 200-300 new jobs over the next four years.

Meanwhile, the Governor’s Roads To Prosperity program is the state’s largest-ever investment in road maintenance and improvement; after 50 years of neglecting its roads, the state has committed more than $2 billion dollars to fixing them. Teachers and state employees have received four of the largest pay raises ever. Thanks to Gov. Justice, Veterans with military pensions now live in West Virginia tax-free and senior citizens do not face state taxes on social security. The Governor has also led West Virginia through a once-in-a-century pandemic, protecting the state’s most vulnerable citizens.

​​People are more excited than ever to be in West Virginia. From April 2010 to July 2019, more than 43,000 people moved out of the state. However, from 2020 through 2021, net migration is up in West Virginia for the first time in decades, with over 2,000 people moving into the state, making West Virginia one of the top states in the entire nation that people are moving into on a percentage basis.

Increased investments in the state’s tourism efforts have visitation and intrigue in West Virginia through the roof. West Virginia was recently named a top-10 travel region in the world to visit by Lonely Planet; the only state to earn this prestigious distinction and the state was also recently selected as one of the Best Places to Go by Condé Nast Traveler. West Virginia was also recently named as the best family trip in the U.S. by Outside Magazine.
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