FOR IMMEDIATE RELEASE
Wednesday, November 1, 2023
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West Virginia sees another month of revenue surplus as Gov. Justice announces October collections $7.4 million above estimate
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CHARLESTON, WV — Gov. Jim Justice announced today that West Virginia’s General Revenue collections for October 2023, the fourth month of the Fiscal Year 2024, came in at $390.8 million, which is $7.4 million above the official estimate. Cumulative collections of more than $1.808 billion put the state at $242.2 million ahead of the estimate.
“I'm absolutely thrilled with these numbers, and I'm eager to continue seeing increases in the surplus,” Gov. Justice said. “We'll keep a close eye on tracking these numbers, because I am fully dedicated to meeting that goal for our state.”
The surplus was led by a relatively strong performance for personal income taxes and corporation net income taxes.
Personal income tax collections of $189.3 million were nearly $9.8 million above estimate. Cumulative Personal Income Tax collections of $796.8 million are $121.4 million above estimate and just 3.2% below prior year receipts even after a 21.25% tax rate cut.
Corporation Net Income Tax collections of $26.3 million were $15.7 million above estimate and 37.6% ahead of last year. Year-to-date collections of $152.3 million are $86.2 million above estimate and 24.8% ahead of last year.
Consumer Sales Tax collections totaled nearly $125.2 million. Collections exceeded prior year collections by 1.4%. Year-to-date collections of $539.7 million are $11.9 million above estimate and 4.1% ahead of last year.
Insurance Premium Tax collections of $26.2 million were nearly $1.5 million above estimate and 6.2% ahead of prior year receipts. Cumulative collections are $0.9 million above estimate and 3.9% ahead of prior year receipts.
Year-to-date interest income collections of more than $74.4 million were $58.9 million above the official estimate and 339% ahead of last year.
Total Severance Tax Collections for October 2023 for all funds was $55.7 million. Due to a record return of local oil and gas severance receipts of nearly $74.5 million dollars, General Fund total was -$37.5 million.
The large payout to local governments was due to the very high 2022 energy prices. Local governments received an additional $12 million of local coal severance tax distributions during the month. There was also a total $6.75 million of oil and gas severance tax revenues that went to the DEP well plugging fund.
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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