Charleston, W.Va. (WVDN) – West Virginia’s General Revenue Fund (GRF) collected $671 million in April, exceeding the monthly estimate of $601 million by more than $70 million. These collections also surpassed last April’s collections of $644 million by more than $27 million or 4.2%. For the Fiscal Year-to-Date, total GRF collections exceeded $4.742 billion, climbing 6.0% or $269 million above the Year-to-Date official revenue estimate.
“We’re seeing the results of a stronger, more disciplined approach to growing West Virginia’s economy,” said Governor Morrisey. “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 were $27 million above estimate and Fiscal Year-to-Date collections 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 General Revenue Fund Severance Tax collections of $431 million exceeded the Year-to-Date estimate by over $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.
General Revenue Fund 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 due to lower investment balances.
