THE SENATE COMMITTEE ON FINANCE Fiscal Year 2020 General Revenue Collections November 2019 Prepared by: Chris DeWitte, Budget Analyst and Ben Agsten, Budget Analyst General Revenue Year to Date Snapshot Estimate July $ 317,650 August $ 352,999 September $ 457,241 October $ 357,566 November $ 330,128 December $ 421,352 January $ 430,541 February $ 297,765 March $ 350,492 April $ 591,367 May $ 334,443 June $ 468,656 FY 20 Actual Difference % Difference $ 284,681 $ (32,969) 90% $ 336,147 $ (16,852) 95% $ 477,269 $ 20,028 104% $ 354,306 $ (3,260) 99% $ 322,904 $ (7,224) 98% $ $ (421,352) 0% $ $ (430,541) 0% $ $ (297,765) 0% $ $ (350,492) 0% $ $ (591,367) 0% $ $ (334,443) 0% $ $ (468,656) 0% * a l l numbers i n thous a nds Totals $ 4,710,200 $ 1,775,307 $ (2,934,893) 38% FY 2020 Collections Estimate vs. Actual $700,000 120% $600,000 100% $500,000 80% $400,000 60% $300,000 40% $200,000 20% $100,000 $- 0% FY 20 Estimate FY 20 Actual FY 20 % Difference General Revenue General Revenue collections for November totaled $322,904,067, falling below the monthly estimate of $330,128,000 by $7,223,933. Bringing the total year to date General Revenue collections to $1,775,307,881. Fiscal Year 2020 YTD Estimate $1,815,584,000 Fiscal Year 2020 YTD Collections $1,775,307,881 Fiscal Year 2020 YTD Performance not meeting estimates by $40,276,119 As of the end of November the state has collected 38% of its total estimated yearly revenue of $4,710,200,000. At this time, the state should have collected 39% of its yearly revenue. This current trend puts the state not on track for meeting yearly revenue estimates. Personal Income Tax Personal income tax (PIT) collections for the month were $137,650,558. This figure is $1,449,442 below the November estimate of $139,100,000. The total year to date personal income tax collections for fiscal year 2020 are $798,790,866. Fiscal Year 2020 PIT YTD Estimate $829,200,000 Fiscal Year 2020 PIT YTD Collections $798,790,866 Fiscal Year 2020 PIT YTD Performance Below estimates by $30,409,134 As of the end of November the state has collected 37% of its total estimated PIT yearly collections of $2,154,880,000. At this time the state should have collected 38% of its PIT yearly collections. This current trend puts the state not on track for meeting the PIT yearly collections estimate. Consumer Sales and Service Tax Collections of the Consumer Sales and Service Tax (CS&S) for the month of November were $124,305,836 and were $745,836 above the monthly estimate of $123,560,000. Total Consumer Sales and Service Tax collections for fiscal year 2020 are $555,778,039. Fiscal Year 2020 YTD CS&S Tax Estimate $557,460,000 Fiscal Year 2020 YTD CS&S Tax Collections $555,778,039 Fiscal Year 2020 CS&S Tax YTD Performance Below estimates by $1,681,961 As of the month of November the state has collected 39.98% of its yearly estimated collections. At this time the state should have collected 40.10% of its yearly estimate. This current trend puts the state not on track for meeting the yearly CS&S tax collection estimate. Severance Tax Severance tax collections for November were $25,695,615. This figure is $4,804,385 below the monthly estimate of $30,500,000. Total severance tax collections for fiscal year 2020 are $93,106,533. Fiscal Year 2020 YTD Severance Tax Estimate $131,050,000 Fiscal Year 2020 YTD Severance Tax Collections $93,106,533 Fiscal Year 2020 Severance Tax YTD Performance Below estimates by $37,943,467 As of the end of November the state has collected 25% of its total yearly collections of $376,800,000. At this time the state should have collected 35% of its yearly severance tax collections. This current trend puts the state not on track for meeting the yearly severance tax collection estimate. Rainy Day Funds Revenue Shortfall Reserve Fund (Rainy Day A) balance as of November 30, 2019 is $363,061,994 Revenue Shortfall Reserve Fund (Rainy Day A) same time last year: $285,043,832 Revenue Shortfall Reserve Fund (Rainy Day B) balance as of November 30, 2019 is $476,353,428 Revenue Shortfall Reserve Fund – Part B (Rainy Day B) balance same time last year: $430,399,832 Total Balance of Revenue Shortfall Reserve Funds (Funds A+B) as of November 30, 2019: $ 839,415,422 Total Balance of Revenue Shortfall Reserve Funds (Funds A+B) same time last year: $715,443,664 Addition copies of this document may be requested by emailing senate.finance@wvsenate.gov *Numbers in this report are rounded ** These numbers are not final and are as reported through WVOasis on December 2, 2019. They have not been formally released by the Governor’s Budget Office. Follow the Senate Finance Committee on Twitter @WVSenFin. Run Date1270272019 Description Run Time: 9:06:03 AM BUSINESS 8 OCCUPATION TAX CONSUMER SALES 8 USE TAX PERSONAL INCOME TAX LIQUOR PROFIT TRANSFERS BEER TAX 8 LICENSES TOBACCO PRODUCTS TAX BUSINESS FRANCHISE FEES CHARTER TAX PROPERTY TRANSFER TAX PROPERTY TAX CASH FLOW TRANSFER INSURANCE TAX DEPARTMENTAL COLLECTIONS CORP INC 8: BUS FRANCHISE MISCELLANEOUS MISCELLANEOUS TRANSFERS INTEREST INCOME VIDEO LOTTERY TRANSFERS SEVERANCE TAX LIQUOR LICENSE RENEWAL HB 102 LOTTERY TRANSFERS REFUNDABLE CREDIT REIMB LTY General Revenue Net Prior Current Month Month YTD Gross Revenue 47.525.354.72 431,472,20295 551,145,30955 7,992,531.97 2,599,140.20 55,279,99277 237,193.59 3,970.49 4,251,725.47 4,955,125.17 60,597,928.16 5,688,637.92 63,858,82291 2,770,118.11 1,864,751.62 10,858,2793'3 99,794.02 67,410,918.17 4,897,193.56 15,740,47648 734,216.00 $1,452,403.814.62 2,042,389.28 126,184,59924 141 ,734,543.85 1,510,150.00 553,589.21 13,188,22839 37,030.27 3,123.49 1,289,263.85 350,910.81 288,649.46 1,206,905.91 3,578,927.89 251,512.03 2,462,892.70 7,464.00 25,716,26185 3,619,287.34 5,212,154.09 Current Month Refunds 818.53 1,878,762.75 4,083,985.69 150.00 1,010.00 49,657.00 1,376.50 297,407.65 20,646.36 $6,333,814.43 Current Month Net 2,041,570.75 124,305,83649 137,650,55816 1,510,150 553,439.21 13,188,22639 36,020.27 3,123.49 1,289,283.85 350,910.81 238,992.46 1,205,529.41 3,281,520.24 251,512.03 2452,5927 7,454 2559551549 3,519,257.34 5,212,154.09 $322,904,067.18 Current YTD Revenue 49,861 9554?? 55577803939 798,790,867.22 9,502,781.97 3,152,579.41 71,468,21916 273,213.66 7,093.98 5,540,990.32 4,436,036.98 60,836,920.62 6,894,167.33 67,140,343.15 3,021,830.14 1,864,751.62 13,321 ,172.03 107,258.02 9310653366 8,516,480.90 20,952,630.57 734,216.00 $1,775,307,831.80