West Virginia Sets New Financial Records

Governor Jim Justice announced today that West Virginia has achieved a remarkable $1.8 billion surplus in revenue collections for Fiscal Year 2023, setting a new record for the second consecutive year. This surplus is seen as a significant milestone, signaling a transformation in the state's economic landscape. "This is an unbelievable accomplishment," Justice stated, emphasizing that West Virginia is shedding its previous image of poverty and stagnation. The total revenue collections for the fiscal year reached approximately $6.5 billion, marking a 10% increase from the previous year and the first time the state has surpassed the $6 billion mark in a single year. Notably, the Consumer Sales Tax generated a record $1.75 billion, reflecting a growth of 5.7% from last year, while Interest Income Tax Collections also hit a historic high of over $132.4 million. The West Virginia Legislature has already allocated $1,165,478,000 of the FY23 surplus in the Fiscal Year 2024 budget, with a mandated transfer of approximately $231 million to the State’s Rainy Day Fund. This prudent financial management is aimed at ensuring the state’s economic stability in the future. As June 2023 concludes, total collections are projected to be around $580 million, further solidifying the state’s financial success. The Governor's office and various state departments are poised to utilize these funds to bolster economic development and support public services, marking a new chapter for West Virginia.