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WV Announces Record Revenue Growth

July 7th, 2019 by WCBC Radio

With the twelfth and final month of Fiscal Year 2019 now in the books, Gov. Jim Justice announced today that general revenue growth of $511 million for the year marked the greatest single-year revenue growth total in West Virginia history.
 
 
For perspective, the $511 million in revenue growth for FY2019 alone is more than one-and-a-half times the combined revenue growth in West Virginia for the entire decade from FY2007 to FY2017.
 
Our revenue numbers this year have been so special, it’s unbelievable,” Gov. Justice said. “We set a record almost every single month, and to see it all pay off with an all-time state record for revenue growth is so exciting for our people and our future. I’m incredibly proud and so happy for every single West Virginian.”
 
Total collections for the historic revenue year came in at $4.756 billion – 12 percent ahead of prior year receipts.
 
“To think where we were when I came in the door – bankrupt – after special sessions trying to determine how much to cut and how many more people to run out of West Virginia. We had budget crisis after budget crisis every summer. It just shows that my plan to bring our economy back to life is truly working, even beyond everyone’s wildest dreams,” Gov. Justice said. “It’s so much better to be celebrating this great news, but there are still West Virginia families hurting. I’m not going to stop until we help every last one of them.
 
“We’re working hard to make life better for all of our hard-working people,” Gov. Justice continued. “We’re bringing in more money and better jobs every day so our people can have an opportunity to build a great life for their family and live in paradise.” 
 
June General Revenue Fund collections, including funds that were eventually transferred to the income tax reserve fund, initially came in at a $3.1 million surplus before a $12 million transfer. Total monthly collections were 15 percent above prior year receipts.
 
“This is a great day for West Virginia. Record-breaking revenue numbers such as these reflect an overall improvement in nearly all sectors of the state’s economy,” West Virginia Department of Revenue Secretary Dave Hardy said. “This reflects robust and continued growth in virtually all of our revenue sources, including consumer sales, personal income, corporate net income and severance taxes.” 
 
 

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