West Virginia records nearly $85 million surplus

West Virginia records nearly $85 million surplus
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West Virginia’s general revenue collections were nearly $85 million higher than predictions for the month of September, Gov. Jim Justice announced on Friday.

“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,” Justice said in a statement. “It really takes a lot of good work by lots of people, pitching a near-perfect game, and I couldn’t be more proud.”

In September, the state collected $504.5 million in general revenue collections, which were $85 million higher than previously projected. Collections for the month were also 19.1% higher than the same month in the previous year. The year-to-date collections of about $1.19 billion are $142.7 million above estimates to close out the first quarter of Fiscal Year 2022.

“We are doing fantastic, and it didn’t get this way by just rolling off a log,” 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.”

Personal income tax collections for September were $30 million above estimates, consumer sales tax collections were $12.7 million above estimates and corporate net income tax collections were $28.6 million above estimates.

“We’ve still got people out there that are hurting.” Justice said. “We want to continue to flip every rock until all of us are running through the finish line together. But There are so many bright spots about West Virginia. We need to tell our story of how great West Virginia is doing and how West Virginia has really changed.”

All three main sources of tax revenue were higher than they were in the same month last year. Part of that reason is because of last year’s COVID-19 restrictions.

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Tags: News, West Virginia, State

Original Author: Tyler Arnold, The Center Square

Original Location: West Virginia records nearly $85 million surplus

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