Historic surplus

CHARLESTON — Gov. Jim Justice reports today that May Revenue Collections resulted in a $46.4 million surplus, which was 15.8% above prior year receipts. Over the past two months, revenue collections have come in at a combined $100 million above estimate. This also marks the 14th month out of the past 16 in which West Virginia’s monthly revenue collections came in above estimate.

“Our momentum in West Virginia right now is so good it’s unbelievable,” Gov. Justice said. “To think, when I walked in the door and we were flat bankrupt, what we would have given to have just one month of positive numbers. And now to have this sustained success, month after month, it’s just another sign that West Virginia’s economy is on the move like never before.”

May’s total collections of $380.9 million added to the year-to-date total collection amount of $4.28 billion. Year-to-date collections are $81 million above May 2019 revised estimates and 11.5% ahead of where the total collections were at this time last year.

“The net of it all is that our future is looking brighter than ever,” Gov. Justice said. “Not only do we have these historic revenue numbers, but we also just had our lowest unemployment rate in over a decade, and businesses are finally realizing we truly have something special going on right here in our great state.”

The following is a summary of May 2019 Revenue Collections:

• General Revenue Fund — May General Revenue Fund collections of $380.9 million were nearly $46.4 million above estimate and 15.8% above prior year receipts. These numbers reflected strong year-end income tax payments deposited between mid-April and May.

A summary of major components follows:

• May Personal Income Tax collections of $156.2 million were $25.8 million above estimate and 19.3% above prior year receipts. Cumulative collections were $40.6 million (2.2%) above the revised estimate and 9.2% ahead of prior year receipts. 

• Corporation Net Income Tax collections of $11.5 million were more than $8.8 million above estimate and 112.9% ahead of prior year receipts. Cumulative collections of nearly $161.5 million were $10.9 million above the revised estimate and 75% ahead of prior year receipts. 

• May Consumer Sales and Use Tax collections of $116.8 million were $0.6 million above estimate and 10.2% above prior year receipts. Cumulative collections were $3.2 million above the revised estimate and 10.5% ahead of prior year receipts. Overall collection growth, including transfers to special revenue funds, was a robust 9.3% for the year-to-date.

• May General Revenue Fund Severance Tax collections of $43.4 million were $6.2 million above estimate and 17.9% ahead of prior year receipts. Year-to-date General Revenue Fund Severance Tax collections were nearly $8.2 million above the revised estimate and 32.2% ahead of prior year collections. Total cumulative Severance Tax collections for all funds were up by 29.2%. 

• Tobacco Products collections totaled nearly $18.1 million in May, an amount that was nearly $2.5 million above estimate and 13.2% ahead of prior year receipts. Cumulative collections were still $5.9 million below estimate and 2.4% below prior year receipts.