CHARLESTON, W.Va. — This is the last week of the 2018 fiscal year and top revenue officials with the Justice administration told state lawmakers Monday they expect the state to end the budget year with a revenue surplus approaching $30 million.
Revenue Secretary Dave Hardy and Deputy Revenue Secretary Mark Muchow appeared before the Joint Committee on Finance Monday morning as part of the legislature’s monthly interim committee meetings.
After solid collections in April and May, June is right on target, Hardy said.
“Your takeaway is–it’s the last week of the fiscal year and June looks on target and we will finish the budget year over budget (in revenue collections),” Hardy said. “The exact number will be determined and will probably be released the first week of July.”
Muchow said he expected the end-of-year revenue surplus to more than meet the $14 million lawmakers approved in surplus appropriations for the new state budget.
“On the revenue side probably $28 million (in surplus) or a little more,” Muchow said.
Tax revenue in May was $328.9 million, $20.2 million above estimates. Year-to-date collections after May were $15.5 million ahead of estimates.
At a June 6 news conference, Gov. Jim Justice said the state’s fiscal health has turned around since he took office in January 2017.
“I walked in here believing in the people of West Virginia and knowing in my heart how good we really are,” he said. “I can tell you as you write, as you talk as people in our communities, as you believe in ourselves, it has a profound influence on us. We do not need to try to push ourselves down.”