State revenue for April was up $70 million over anticipated figures, officials said.
General revenue for the month was $671 million, according to reports from state officials. The monthly estimate had been $601 million.
The amount also surpassed last April’s collections of $644 million by more than $27 million or 4.2 percent, officials said.
For the fiscal year so far, total general revenue collections have been more than $4.742 billion. That’s $269 million more than what officials had anticipated at this point in the fiscal year. It amounts to 6 percent above estimate.
“We’re seeing the results of a stronger, more disciplined approach to growing West Virginia’s economy,” Gov. Patrick Morrisey said in a news release.
“Ten months into the fiscal year, we’ve already generated a surplus that allows us to fully fund our priorities while continuing to keep our state on solid financial footing.”
Personal income tax collections totaled $294 million in April and $1.820 billion for the fiscal year to date. April collections for personal income tax were $27 million above estimate and fiscal year collections so far were $84 million above estimate and nearly identical to prior year receipts.
Consumer sales tax collections totaled $128 million in April. April collections were below estimate by $13 million but remained more than $110 million above the prior fiscal year to date. Fiscal year to date collections of $1.585 billion are nearly $20 million, or 1.3%, above estimate.
Severance tax collections of more than $85 million were $50 million above estimate. Year to date severance tax collections of $431 million exceeded the year to date estimate by more than $75 million above estimate and outpaced the prior year by more than $105 million.
Corporation net income tax collections totaled $80 million in April and $268 million for the year to date. April collections were $3 million above estimate, with year-to-date collections sitting at $10 million above estimate and $60 million below the prior year to date collections.
Tobacco products tax collections totaled $12.6 million in April, exceeding the monthly estimate by more than $1 million and $11 million for the year to date. Year to date receipts were $5 million below estimate and $5 million below prior year to date collections reflecting shifting consumption patterns.
Insurance premium tax collections totaled $31 million in April and are above the year to date estimate by slightly less than $1 million.
Interest income was more than $8 million in April and $120 million for the year to date. Year to date collections were $29 million above estimate and $40 million below prior year to date receipts because of lower investment balances.