West Virginia starts fiscal year $5M ahead of budget on tax collections

(The Center Square) – West Virginia collected more than $335 million in taxes and fees for the first month of the fiscal year, beating estimates by nearly $5 million.

Collections were up more than $335,000 from July 2023.

Personal income tax and sales tax collections, however, were down from July 2023 and both fell short of budgeted estimates.

July income tax collections (nearly $143 million) were nearly $9 million short of estimates and were nearly $3 million less than July 2023 while sales tax collections (nearly $93 million) were $2 million short of estimates and $1 million less than July 2023.

As it does each year, West Virginia loaned money from its rainy day fund ($78.5 million) to ensure it had the funds to cover expenses. That money must be repaid by the end of September.