CHARLESTON, W.Va. — West Virginia Revenue Secretary Bob Kiss says the state is on target to finish the budget year without having to do “anything drastic or dramatic.” The state’s revenue picture improved after tax collections in April.
Those collections exceeded estimates by nearly $26.3 million, which is one of the best months of the fiscal year. The strong showing cut the revenue collection deficit by more than half. The year-to-date shortfall now stands at nearly $24 million.
“With the numbers we got in April, I think we’re on target to bring the year in balanced without any significant and highly painful other medicine or actions that need to be taken,” Kiss said.
Taxes paid by residents and businesses at the April 15 tax deadline helped boost collections along with taxes paid on new vehicles, which continues to exceed estimates for the fiscal year. Kiss said an ongoing state hiring freeze has also helped.
“The hiring freeze has been in place for a whole year and there will be savings attributed to that and we also have other resources,” he said. “The legislature appropriated $7.5 million during the session.”
The state has two more months this fiscal year to collect revenue. The fiscal year ends June 30.