CHARLESTON, W.Va. -- State revenue officials say December turned out to be one of the strongest months so far this fiscal year for tax collections in the state. State Revenue Secretary Larry Pack revealed Thursday revenues were $575 Million for the month and exceeded the monthly estimate by $36.7 Million and prior year receipts by 4%.
"Most of it is attributed to better than anticipated personal income tax collections," said Pack, who will soon become the state Treasurer.
According to Pack the indicator from the surplus is a lot more people are working and more jobs have been created in the Mountain State. Such growth was a goal of the Justice Administration and he added that doesn't include some of the real job creators the Administration has touted in recent months.
"It's happening, but the degree to how strong and how quick. Nucor and Form Energy aren't open for business yet, once they are open and those jobs come in we'll see even more economic development," he explained.
December marked the halfway point of the fiscal year and year to date revenue collections for the state are $42 Million ahead of estimates. Pack said coupled with $80 Million in expenditures which were not appropriated, the state has about $120 Million cushion. He said that would be important with tax cuts approved by the Legislature and by a trigger associated with the state's rate of growth vs. the rate of inflation kicking in this month.
"We do have some revenue decreases related to the tax cuts, but we feel very comfortable going forward West Virginia will be able to handle that. We feel like state government has plenty of money to do things state government should do," Pack said.
Pack said it was a good way for the Justice Administration to wrap up its tenure.
"West Virginia is financially strong. Governor Justice focused on growing jobs, the economy, and on fixing the darn roads and we've seen a lot of good things from that. So now we're ready to pass on the torch on to Governor Morrisey and his staff," he added.