West Virginia surpasses one billion surplus for fiscal year 2023

3/2/2023

*|MC:SUBJECT|*
CHARLESTON, WV – Gov. Jim Justice announced today that West Virginia’s General Revenue collections for February 2023 are $111.8 million above estimates and 5.7% ahead of prior year receipts. Year-to-date record collections are $1.1 billion above estimate. 
 
The following is a brief summary of the four major components that accounted for 91% of the year-to-date surplus and more than 92% of the year-to-date 17.4% revenue gain.
 
February General Revenue Fund Severance Tax collections totaled nearly $71.0. Monthly collections exceeded the official estimate by nearly $43.0 million. Record year-to-date general revenue fund severance tax collections of $702.2 million were 68.6% ahead of last year and $540.8 million above estimate.  
 
February Personal Income Tax collections totaled $122.0 million. Collections exceeded the monthly estimate by $16.9 million and prior year receipts by 11.0%.
 
Consumer Sales Tax collections of $143.2 million were $26.6 million above estimate in February and 13.7% ahead of prior February collections. Year-to-date collections of more than $1.129 billion were $148.3 million above the official estimate and 6.3% ahead of last year.
 
Corporation Net Income Tax collections totaled nearly $3.0 million in February. Monthly collections were nearly $2.0 million above estimate. Year-to-date collections of $214.4 million were $125.4 million above the official estimate and 15.6% ahead of prior year-to-date collections.
 
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office.
###

Contact Information

Jordan Damron, jordan.l.damron@wv.gov; CJ Harvey, cj.harvey@wv.gov

Contact

Office of the Governor
State Capitol, 1900 Kanawha Blvd. E
Charleston, WV 25305

Office Phone:
304.558.2000 or 1.888.438.2731

Governor's Mansion:
304.558.3588

Flag Status

American Flag Full Staff
State Flag Full Staff
 

Banner Images Courtesy of the West Virginia Department of Commerce

Site Map