West Virginia revenue $10M higher than estimates in September

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West Virginia’s revenue collection in September closed about $10 million higher than state estimates, Gov. Jim Justice said Thursday.

“I just can’t say enough about how much great work so many people are doing every day all across West Virginia – our businesses, big and small alike – everyone has put in a lot of licks and we’re setting records,” Justice said in a statement. “West Virginia, you continue to surprise the world.”

The COVID-19 pandemic and the subsequent restrictions led to economic decline in West Virginia and throughout the country. West Virginia, however, scaled back its restrictions earlier than other states, which brought back some economic activity and led to a greater revenue intake than the COVID-19 projections.

Total general revenue fund collections in September were about $423.6 million.

“Ninety days is a very good time to take a look at your numbers and try to get a feel for how we’re doing, not just in a specific month, because months can vary due to cyclical things, but quarters are generally a much better estimate of how we’re doing,” Revenue Secretary Dave Hardy said in a statement. “And we are very, very happy. We would give very high marks for the first quarter of Fiscal Year 2021.”

West Virginia’s year-to-date revenue surplus was about $90.4 million above state estimates. The state also had a cash surplus of $298.7 million.

Year-to-date revenue collections were about $1.239 billion.

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