Revenue collections top estimates in November

CHARLESTON, W.Va. — State revenue collections in November exceeded estimates by $112.6 million.

The state estimated it would bring in just more than $367 million in taxes for the month but instead collections totaled $480 million.

Exceeding estimates have been a trend during the last two budget years. Following five months of the fiscal year, the state has now collected $687.4 million above projections.

The state Senate Finance Committee released the new revenue numbers Thursday.

MORE See revenue report here

Severance tax collections for the month totaled more than $112 million, $88 million above estimate.

Collections for consumer sales tax exceeded estimates by $15 million.

Not everything did well in November, personal income tax collections fell $10.4 million below the November estimate.

Taking all of the numbers into account, through five months, the state has collected 54% of the total revenue its forecasted for the 2022-2023 fiscal year.

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