Even though June 2018 revenue collections of $419.51 million fell short of June 2017 collections by $45.6 million, they were sufficient to allow the state to wrap up the 2017-18 budget year with a $20.2 million surplus, figures from the state Budget Office show.
Overall tax collections of $4.245 billion for the 2017-18 budget year exceeded projections by less than 1 percent, but were up $76.75 million over 2016-17, when the state missed budget estimates by $11 million.
State Department of Revenue officials were not available for comment on the revenue figures Monday afternoon.
At a news conference Monday, Gov. Jim Justice said the revenue figures reflect an improving economy, noting the last time that the state finished a budget year with a surplus without having to impose mid-year budget cuts was 2012.
(Technically, since the state Constitution requires the state to have a balanced budget, each budget year ends with some surplus of unspent revenue, even when state agencies are required to make spending cuts.)
Personal income tax collections led the way to help the 2017-18 budget finish in the black, with collections of $1.92 billion exceeding projections by $59.6 million, or about 3 percent.
Deputy Revenue Secretary Mark Muchow has said previously that the income tax figures reflect increases in employment, and in natural resources royalty payments.
The other key pillar of state finances, the consumer sales tax, missed estimates by $11.9 million, or 1 percent, coming in at $1.25 billion.
Muchow has said that sales taxes take longer to rebound following an economic downturn, as consumer confidence slowly rebuilds.
Severance tax collections also fell short of estimates for the budget year by 4 percent, coming in $15.1 million short at $345.9 million. However, that was a $24.88 million increase over 2016-17.
Corporate Net Income taxes of $110.07 million beat expectations by $1.07 million, or 1 percent.