CHARLESTON, W.Va. –Department of Revenue Deputy Secretary Mark Muchow gave lawmakers a brief presentation Tuesday on December’s general revenue.
Muchow told members of the Joint Committee on Government and Finance that the estimated overall collection for December was $514.5 million; however, the actual total came in at $511.3 million.
“That was about $3.3 million below estimate, with personal income tax being the biggest difference there, the collection on personal income tax were $192.4 million, the estimate was $209.6 million, so they were $17.3 million below estimate,” Muchow said.
He told lawmakers that revenue collections in November were higher than expected due to an unanticipated $20,000 boost.
“That came from the state Treasurer’s office, and it was related to income that was originally associated with interest earnings that was held back from administrative needs and there was more than the treasurer’s office needed for administration, so it was transferred to revenue,” he said.
He also provided brief updates on other revenue sources: consumer sales tax came in at $175.5 million, about $1 million below the estimate; severance tax collections were $44.9 million, roughly $3 million above the estimate; interest income totaled $12.6 million; and state road funds amounted to $158.2 million.
Sen. Jason Barrett asked Muchow about why personal income tax collections were so far below the estimate.
Muchow said the shortfall might be offset in the current month.
“Could very well be made up in January, don’t hold me to the exact numbers, but we should see a positive number in January on PIT (personal income tax),” he said.
He also said year-to-date collections totaled $2.74 billion, above the $2.61 billion estimate.