POST Online Media Lite Edition



 

West Virginia reports $84.6 million revenue surplus for September 2021

Christian Fernsby |
Governor Jim Justice announced that West Virginia’s General Revenue collections for September 2021 came in at $84.6 million above estimates.

Article continues below




“We’re almost numb to good news about our revenue numbers now, but a whopping surplus like this ought to be the number one thing that we think about,” Gov. Justice said. “It really takes a lot of good work by lots of people, pitching a near-perfect game, and I couldn’t be more proud.”

September collections of $504.5 million were 19.1% ahead of prior year receipts. Year-to-date collections of $1.19 billion are $142.7 million above estimates. The end of September marked the conclusion of Q1 for FY2022.

“We are doing fantastic, and it didn’t get this way by just rolling off a log,” Gov. Justice said. “The State is killing it. And I promise you that, as we continue to go forward, we’re going to have more and more goodness to tell.”

September Personal Income Tax collections were $30 million above estimate and 11.6% above prior year. September Consumer Sales Tax receipts were nearly $12.7 million above estimate and 7.5% above prior year.

YTD Consumer Sales Tax receipts were $20.9 million above estimate and 5.5% above prior year at the end of first quarter. September Severance Tax collections were $13.1 million above estimate, nearly 156% ahead of prior year. September Corporate Net Income Tax receipts were $28.6 million above estimate and 60.5% ahead of prior year.


What to read next

Virginia saw best economic growth in U.S.
Virginia unemployment rate drops to 3.7%
Virginia’s unemployment rate drops to 3.4%