West Virginia August revenue nearly $30M above estimates
(The Center Square) – West Virginia’s revenue for August was about $29.9 million above the state’s estimates.
“The State of West Virginia continues just to percolate along and do absolutely wonderful,” Gov. Jim Justice said in a statement. “If you’ll think back a few years, we had doom and gloom all the time. Now, all I do is continue to report to you good number after good number. … Our growth continues from the standpoint of all kinds of different sectors, whether it be personal income tax collections, sales taxes, or even our severance taxes. The State is doing wonderful. We’re on really rock solid ground and we’re just gonna keep building on it.”
The $29.9 million surplus was 15.7% ahead of prior year receipts. Year-to-date general revenue collections are $58 million above estimates.
West Virginia finished the last fiscal year with a $413 million surplus. This was caused by a variety of factors, such as revenue gains caused by easing COVID-19 restrictions and withholding spending on certain projects because of the uncertainty of the effects of the pandemic. Federal stimulus money also affected revenue growth.
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