CHARLESTON, W.Va. — The state’s revenue collections, which set records in the 2022 fiscal year, began the new budget year right where it left off.
The state’s collections for July exceeded estimates by $92.4 million. The state collected total revenue of $161,223,231 in June. The July estimate was $146,950,000.
According to information released by the state Senate Finance Committee, Severance Tax collections significant exceeded the monthly estimate of $3 million with a collection of $54.6 million, a difference of more than $51 million.
Severance tax collections last fiscal year exceeded estimates by 240% or $449 million.
Personal Income Tax collections for July exceeded estimates by $14.2 million while Consumer Sales Tax collections of $161.2 million bested the monthly estimate also by $14.2 million.
Gov. Jim Justice praised the July collections during his media briefing Tuesday.
“This thing’s not slowing down and I told you and I told you I was going to take you on a rocket ship ride and you’re on it,” Justice said.
He did express concern about the existing economy including inflation. the reaction to Nancy Pelosi’s trip to Taiwan and the volatile nature of coal prices.
“Maybe those are little flags right now but they could be big time flags—we need to with all in us to absolutely mind the store and mind the story in the right way and that’s what I’m here to do,” Justice said.
Revenue collections last fiscal year exceeded estimates by $1.3 billion. Approximately $500 million of that total remains unallocated. Justice floated a personal income tax decrease in last week’s special session of the legislature but it didn’t pass. He was asked Tuesday if he was willing to compromise with the Senate Republican majority that favors property tax reductions first.
“I don’t have the perfect answers. No way on earth do I have the perfect answers but can we take a little bit of this, a little bit of this and a little bit of this and put it together? We absolutely should be able to do that. That is our obligation and I’m as willing as willing can ever possibly be,” Justice said.