CHARLESTON, WV (LOOTPRESS) – 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