West Virginia keeps raking in surplus, with this month almost $100 million over estimates

01 April 2024- Gov. Jim Justice announced today that West Virginia’s General Revenue collections for March 2024, the ninth month of Fiscal Year 2024, came in at $487.4 million, which is $94.8 million above the official estimate. Cumulative collections for Fiscal Year 2024 of more than $4.068 billion stand at $522.9 million ahead of the cumulative estimate.

“West Virginia’s fiscal resilience continues to shine with March’s incredible revenue surplus,” Gov. Justice said. “With our cumulative collections now standing at $522 million ahead of estimates with three months remaining in the fiscal year, West Virginia is well-positioned for a strong finish despite the small monthly downtick in February.

“My commitment to responsible financial management and wise use of our surplus dollars remains unwavering, because we’ve shown time and time again that when we put West Virginians first, and prioritize their needs and wants, it propels our rocket ship higher and farther. As we continue to climb, I will keep steering the ship with care, ensuring that every move boosts us towards a future where all West Virginians can reach for the stars.”

March Personal Income Tax collections totaled $198.3 million and year-to-date collections totaled nearly $1.635 billion. Year-to-date Personal Income Tax collections were $184 million above estimate and just 9.4% below prior year receipts even after the historic 21.25% personal income tax cut.

March Corporation Net Income Tax collections of $15.4 million were $6.9 million above estimate. Year-to-date collections of nearly $259.5million were $131.4 million above estimate and 11.2% ahead of last year.

March Consumer Sales Tax collections totaled nearly $147.2 million. Monthly collections were $5.6 million above estimate and 5.3% ahead of last year. Year-to-date collections of more than $1.315 billion were $23.7 million above estimate and 3.7% ahead of last year.

March Severance Tax collections of $48.2 million were $26.1 million above estimate. Cumulative collections of nearly $247.5 million were $25.2 million above the cumulative estimate.

Year-to-date interest income collections of more than $170.1 million were $137.2 million above the official estimate and nearly 117% ahead of last year.

For more detailed information, you can access the monthly revenue and cash flow reports from the West Virginia State Budget Office by clicking here.