By Charles Young, WV News
CHARLESTON, W.Va. — October General Revenue Fund collections totaled nearly $417.8 million, exceeding the monthly estimate of $375.9 million by more than $41.9 million, state officials reported Monday.
Receipts were 6.1% higher than last year’s October total. Year-to-date collections reached $1.789 billion, $102.9 million above the year-to-date estimate and 5.2% ahead of prior-year collections.
“I’m encouraged by growth trends in consumer spending and personal income in recent months that have helped the state exceed estimates in general revenue collections,” said Gov. Patrick Morrisey. “The positive trends over the last few months bode well as we prepare for the budget challenges ahead.”
Personal income tax collections totaled $167.3 million in October, $8.7 million above estimate. Year-to-date collections of $706.4 million were $38.6 million above estimate and 0.6% higher than last year. Current tax rates remain nearly 6% lower than a year ago.