January revenue exceeds budget

CHARLESTON, W.Va. – Governor Jim Justice says 2020 started with a $13 million revenue surplus for January.

“Our numbers continue to show that West Virginia is in good financial health, pacing very close to last year’s record-breaking numbers,” Justice said. “That said, we must continue to be conservative in our budgeting, so I encourage the Legislature to continue monitoring these numbers just like Secretary Hardy and I will.”

Total collections for the month werre more than $437 million, year to date collections are at $2.6 billion and that’s about $20 million behind the budgeted revenue figure. Year-to-date revenue collections are down by .6 percent.

“This marks the second month in a row that our shortfall has decreased,” Revenue Secretary Dave Hardy said. “We’re seeing positive momentum in a lot of areas, like our corporate net income tax being more than 60 percent above last year’s receipts, and this momentum is occurring despite the loss of thousands of jobs due to the halting of pipeline construction, and our year-to-date severance tax collections coming in 34 percent below last year. These numbers show, more than anything, that West Virginia’s economy is diversified and set up for future success.”