The State of West Virginia finished the month of April with $253 million more than Gov. Jim Justice estimated it would collect.
In total, the state collected $791.493 million in April, according to a report prepared for the state Senate Finance Committee.
That’s also more revenue than the state collected in April 2021, about $539.765 million, which was supported by federal stimulus checks.
The governor in January increased the revenue estimates for April by $10.225 million, making the estimated revenue for April 2022 $538.431 million.
On Tuesday, Justice touted the revenue surplus as being the largest in state history, although he has set the state revenue estimates artificially low for at least the last two years, manufacturing larger numbers for the surpluses.
“It’s beyond amazing,” Justice said in a news release Tuesday. “It’s breathtaking just how good this is.”
To date, the actual revenue collection is $1 billion more than the governor’s estimates. The state has collected $4.7 billion in revenue so far in the 2022 fiscal year, which ends June 30.
Overall, the personal income tax has accounted for just shy of half of the state’s total revenue collection for the fiscal year. The state has collected $2.088 billion in personal income tax revenue so far against the $4.7 billion total revenue.
The state collected $448,509,252 through personal income tax income in April, accounting for more than half of the total revenue collected last month.
The governor had estimated the state would collect $298.5 million.
The state continued to exceed severance tax collections for April, collecting $54.757 million against the governor’s $23.3 million estimate.
Other revenue collections for the state in April include $122.718 million from the consumer sales tax, which consists of revenue from sales made during March 2022.
The state also collected $12.9 million in revenue from the tobacco tax, a little more than $1 million above the governor’s estimate of $11.9 million.