By Steven Allen Adams for The Intelligencer
CHARLESTON – West Virginia closed the books on fiscal year 2025 Monday, meeting its constitutional obligation to not go into the red.
But Gov. Patrick Morrisey and lawmakers are already looking ahead at rocky financial seas.
According to the monthly report released Tuesday by the state Senate Finance Committee, West Virginia ended fiscal year 2025 Monday with $5.5 billion in collections for the state’s general revenue fund, or 4.8% more than the $5.2 billion estimate set by the Department of Revenue. That provided the state with a $254.8 million surplus above and beyond projections.
The state’s $5.5 billion in collections was still 3.4% less than the $5.7 billion in collections in fiscal year 2024, when the state ended that fiscal year with more than $826 million in surplus. Since then, a 4% personal income tax cut and a 2% personal income tax cut took effect on top of a 21.25% personal income tax cut that has been in effect since 2023.
June tax collections of $577.1 million were 3.2% above the $559.2 million revenue estimate, adding $17.9 million to the state’s surplus total for the fiscal year. June fiscal year 2025 collections underperformed fiscal year 2024 collections for the month by 5.4%.
