Governor Justice Reveals FY 2024 Revenue Collections Exceed Estimate by $522.9 Million Through March

Gov. Jim Justice (Credits: herald-dispatch.com)

Governor Jim Justice of West Virginia revealed today that the state’s General Revenue collections for March 2024 surpassed expectations, totaling $487.4 million, $94.8 million higher than anticipated. This brings the cumulative collections for Fiscal Year 2024 to over $4.068 billion, exceeding estimates by $522.9 million.

Governor Justice commended the state’s fiscal strength, highlighting March’s remarkable revenue surplus as a testament to West Virginia’s resilience. Despite a slight decrease in February, the state remains on track for a robust finish to the fiscal year.

Governor Justice underscored his commitment to prudent financial management and the strategic utilization of surplus funds. He also stressed the importance of prioritizing West Virginians’ needs.

He affirmed that responsible governance has consistently propelled the state forward, positioning it for continued success. As the state progresses, Governor Justice pledged to steer its course precisely, ensuring that every decision contributes to a future where all citizens can thrive.

West Virginia governor (Credits: Bond Buyer)

March saw notable collections across various revenue streams. Personal Income Tax collections reached $198.3 million, with year-to-date collections nearing $1.635 billion, exceeding estimates by $184 million. Despite an obvious individual income tax cut, receipts remained strong, trailing just 9.4% below the previous year’s figures.

Corporation Net Income Tax collections totaled $15.4 million for March, surpassing estimates by $6.9 million. Year-to-date collections stood at nearly $259.5 million, exceeding estimates by $131.4 million and outpacing last year by 11.2%.

Consumer Sales Tax collections amounted to nearly $147.2 million in March, surpassing estimates by $5.6 million and outperforming last year by 5.3%. Year-to-date collections exceeded $1.315 billion, surpassing estimates by $23.7 million and outpacing last year by 3.7%.

WV Gov. (Credits: Fox News)

Severance Tax collections for March totaled $48.2 million, exceeding estimates by $26.1 million. Cumulative collections reached nearly $247.5 million, surpassing estimates by $25.2 million.

Interest income collections for the year exceeded expectations, totaling over $170.1 million, surpassing estimates by $137.2 million and surpassing last year’s figures by nearly 117%.

Governor Justice’s remarks underscored West Virginia’s financial strength and prudent fiscal management, positioning the state for continued success and prosperity.