With just under a month until end of fiscal year, WV state surplus totals over $700 MILLION

03 May 2024- Gov. Jim Justice announced today that West Virginia recorded a $63.7 million surplus in May, which boosts the state’s year-to-date surplus to $701.1 million, highlighting the state’s continued strong economic performance and fiscal management.

In May, total General Revenue Fund collections exceeded $397.3 million, bringing the cumulative year-to-date collections for Fiscal Year 2024 to $5.1 billion. The fiscal year ends in June.

May Personal Income Tax collections totaled more than $138.3 million, and year-to-date collections equaled more than $2.003 billion. Year-to-date Personal Income Tax collections were nearly $183 million above the original estimate even though tax rates were reduced by 21.25% last year.

May Corporation Net Income Tax collections of roughly $9.9 million were $3.6 million above the original estimate. Year-to-date collections of $402.6 million were $226.6 million above the original estimate and 16.7% ahead of last year.

May Consumer Sales Tax collections totaled $164.3 million, and cumulative collections totaled $1.607 billion. Monthly collections exceeded the prior year’s May receipts by six percent. Year-to-date collections were $34.4 million above the original estimate and 3.5% ahead of last year.

May Severance Tax collections of $32.9 million were $8.5 million above the original estimate. Cumulative collections of nearly $331 million were $58.9 million above the cumulative original estimate.

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