The Register-Herald
CHARLESTON — West Virginia reported stronger-than-expected revenue numbers for November, posting a $28.5 million surplus with overall collections up 10.5% from the same month last year, the state Department of Revenue announced Monday.
Gov. Patrick Morrisey said he was encouraged by the positive trends contributing to the fiscal year 2026 surplus. “West Virginia will continue making fiscally conservative decisions to capitalize on this growth and prepare for any budget challenges ahead,” he said in a statement.
General Revenue Fund collections totaled $442.4 million for November, exceeding the state’s monthly estimate of nearly $414 million by $28.5 million. Collections were also 10.5% higher than November 2023. Year-to-date collections reached $2.231 billion, which is $131.3 million above the estimate of nearly $2.1 billion and 6.2% above the previous year.
Personal income tax collections for the month came in at $171 million, beating estimates by $26.5 million. The state reported a 13.2% increase in wage withholding taxes, contributing to monthly totals that were 12.8% higher than last November. Collections for the fiscal year stand at $877.4 million, or $65.1 million above estimates and 2.8% above last year’s total. The report noted that current tax rates are nearly 6% lower than those in place a year ago.
Consumer sales tax collections totaled $180.5 million in November, surpassing estimates by $11.7 million and coming in 5.7% higher than last year. Year-to-date collections reached $803.6 million, which is $29 million above projections and 11.6% higher than last year. The cumulative amount includes $39 million tied to a new law eliminating a payment acceleration requirement for certain taxpayers. Adjusted collections were 6.2% above last year’s levels.
Severance tax collections totaled $27.1 million for November. While the amount fell short of monthly estimates, it was 43.5% higher than the same month last year. Year-to-date severance tax revenue was $127.8 million, or $4.7 million below estimates, but 46.4% higher than last year. The department attributed the increase to higher coal and natural gas production and stronger natural gas prices.
Corporate net income tax collections totaled $3.9 million for the month and $103.5 million so far this fiscal year, coming in $1.4 million below estimates and 15.9% under last year’s pace.
Interest income reached $12.6 million for November and $66.1 million year-to-date, exceeding estimates by $14.6 million but coming in 29.8% below last year due to lower interest rates. The State Treasury also transferred $20 million in excess banking service funds, attributed to interest earnings from prior periods, to the General Revenue Fund. Officials said the transfer contributed to the $28.5 million surplus recorded in November.
Tobacco excise tax collections totaled $10.6 million in October and $56.8 million for the fiscal year to date. The cumulative total was $4.3 million below estimates and 6.3% lower than last year, which the report said reflects a shift in consumer habits away from cigarettes and toward other tobacco and vaping products.
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