CHARLESTON, W.VA. – The West Virginia Department of Revenue released revenue numbers for the month of November on Friday, December 4.
As of November 30, the state’s cumulative collections of nearly $1.52 billion were $114.5 million below estimate and 5.2 percent — approximately $83 million — behind prior year receipts. Specifically, last month’s General Revenue Fund collections of $290 million, an amount that is 1.6 percent below prior year receipts, were $22.9 million below estimate at the end of last month.
Severance Tax collections totaled nearly $34 million for the month of November. That amount was more than $10.4 million below estimate and 7.8 percent below prior year receipts. Cumulative General Revenue Fund Severance tax collections of slightly more than $74.3 million were $78.8 million below estimate and more than 41 percent below prior year receipts.
Revenue Cabinet Secretary Robert S. Kiss said the state is facing the challenge with citizens in mind.
“We continue to see a rapid decline in severance tax collections that is largely attributable to a supply-versus-demand problem. We’re also seeing a lack of growth in personal income tax and sales tax income,” Kiss said. “But across all of state government, we are watching the numbers very closely and we continue to make responsible adjustments to how we conduct the business of the state without sacrificing essential services to our citizens.”
Other collections of interest in November:
-Personal Income Tax collections were 4.6 percent below prior year receipts in November due to a decline of 1.5 percent in monthly withholding tax on wage and salary income receipts and an increase of more than 20 percent in monthly tax refund payments. Cumulative collections were $22.1 million below estimate.
-Consumer Sales Tax collections were 2 percent ahead of prior year receipts and $5.4 million below estimate. Cumulative adjusted collections were less than 2 percent ahead of last year’s collections.
-B&O Tax monthly collections of nearly $10.9 million were $2.3 million above estimate and nearly double prior year receipts. Year-to-date collections of $46.7 million were $2.7 million above estimate and 13.7 percent ahead of prior year receipts. The gain in revenue is largely attributable to a change in tax credit claims.
— Tobacco Product Excise Tax collections totaled nearly $8.4 million. Monthly collections were $0.3 million below estimate but 6.5 percent ahead of prior year receipts. Cumulative collections of nearly $44.5 million were less than $0.2 million above estimate and 1.1 percent below prior year receipts.
— Interest Income was hindered by a lack of movement on short-term interest rates. November receipts of slightly more than $68,000 were more than $1.1 million below estimate.
— State Road Fund collections continue to trend below estimate due partially to the combination of a deflationary reduction in the total motor fuel tax rate and less revenue from residents who chose the two-year auto registration option last fiscal year. November collections of more than $60.6 million were nearly $6.4 million below estimate. Cumulative State Road Fund collections of nearly $292.7 million were $12.5 million below estimate and 0.6 percent below prior year receipts.
Secretary Kiss, Deputy Secretary Mark Muchow and State Auditor Glen Gainer hosted a conference call for media today at 11:30 a.m. For a detailed look at West Virginia’s revenue reports, please visit www.budget.wv.gov/reportsandcharts/revenuereports.