FOR IMMEDIATE RELEASE
Friday, September 1, 2023
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Gov. Justice announces $22.8 million revenue surplus for August
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CHARLESTON, WV — Gov. Jim Justice announced today that West Virginia’s General Revenue collections for August 2023, the second month of Fiscal Year 2024, came in at $410.8 million, which is $22.8 million above estimate. The surplus was led by strong consumer sales tax. Year-to-date revenue collections of $745.8 million stand at $30.5 million above estimate.
“Once again, our surplus this month proves that we’re wisely minding our store and keeping our state on the right track, just as West Virginians elected me to do,” Gov. Justice said.
“However, we’re having to fend off constant attacks by the Biden Administration and his radical climate extremists who are dead set on destroying our way of life with their war on coal, oil, and gas. All West Virginians are also seeing the disastrous effects of Bidenomics, with rampant inflation that has driven up the price of everything.
“Despite these cards we’re being dealt, West Virginians are remaining resilient, like we always have, and continuing to get our dinner buckets and work hard so that we can put food on the table for our families. It’s what makes me confident that whatever comes our way, we will get through it together, stronger than ever, as West Virginians.”
Consumer Sales Tax collections totaled nearly $159 million in August. Collections exceeded the monthly estimate by more than $6.4 million and prior year collections by 5.4%.
August Corporation Net Income Tax collections of $8.3 million were $5.8 million above estimate and $14.4 million ahead of last year. Year-to-date collections of $27.3 million were $14.3 million above estimate and 229% ahead of last year.
Severance Tax collections exceeded estimates by $6.2 million in August.
For more detailed information, you can access the monthly revenue and cash flow reports from the West Virginia State Budget Office by clicking here.
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