THE SENATE COMMITTEE ON FINANCE Fiscal Year 2020 General Revenue Collections February 2020 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* $ 424,541 February $ 297,765 March $ 350,492 April* $ 580,807 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% $ 428,236 $ 6,884 102% $ 437,531 $ 12,990 103% $ 299,449 $ 1,684 101% $ $ (350,492) 0% $ $ (580,807) 0% $ $ (334,443) 0% $ $ (468,656) 0% * a l l numbers i n thous a nds Totals $ 4,693,640 $ 2,940,523 $ (1,753,117) 63% 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 February totaled $299,449,559, exceeding the monthly estimate of $297,765,000 by $1,684,559. Bringing the total year to date General Revenue collections to $2,940,524,063. Fiscal Year 2020 YTD Estimate $2,959,242,000 Fiscal Year 2020 YTD Collections $2,940,524,063 Fiscal Year 2020 YTD Performance not meeting estimates by $18,717,937 As of the end of February the state has collected 62.65% of its total estimated yearly revenue of $4,693,640,000. At this time, the state should have collected 63% 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 $95,825,785. This figure is $7,874,215 below the February estimate of $103,700,000. The total year to date personal income tax collections for fiscal year 2020 are $1,291,634,061. Fiscal Year 2020 PIT YTD Estimate $1,335,080,000 Fiscal Year 2020 PIT YTD Collections $1,291,634,061 Fiscal Year 2020 PIT YTD Performance Below estimates by $43,445,939 As of the end of February the state has collected 60% of its total estimated PIT yearly collections of $2,154,880,000. At this time the state should have collected 62% 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 February were $110,306,742 and were $5,206,742 above the monthly estimate of $105,100,000. Total Consumer Sales and Service Tax collections for fiscal year 2020 are $921,842,661. Fiscal Year 2020 YTD CS&S Tax Estimate $918,260,000 Fiscal Year 2020 YTD CS&S Tax Collections $921,842,661 Fiscal Year 2020 CS&S Tax YTD Performance Exceeding estimates by $3,582,661 As of the month of February the state has collected 66.31% of its yearly estimated collections. At this time the state should have collected 66.05% of its yearly estimate. This current trend puts the state on track for meeting the yearly CS&S tax collection estimate. Severance Tax Severance tax collections for February were $26,205,011. This figure is $7,444,989 below the monthly estimate of $33,650,000. Total severance tax collections for fiscal year 2020 are $182,626,647. Fiscal Year 2020 YTD Severance Tax Estimate $228,700,000 Fiscal Year 2020 YTD Severance Tax Collections $182,626,647 Fiscal Year 2020 Severance Tax YTD Performance Below estimates by $46,073,353 As of the end of February the state has collected 51% of its total yearly collections of $376,800,000. At this time the state should have collected 63% 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 February 29, 2020 is $368,895,608 Revenue Shortfall Reserve Fund (Rainy Day A) same time last year: $291,124,335 $291,124,335 Revenue Shortfall Reserve Fund – Part B (Rainy Day B) balance as of February 29, 2020 is $489,403,401 Revenue Shortfall Reserve Fund – Part B (Rainy Day B) balance same time last year: $443,479,401 Total Balance of Revenue Shortfall Reserve Funds (Funds A+B) as of February 29, 2020: $858,299,009 Total Balance of Revenue Shortfall Reserve Funds (Funds A+B) same time last year: $734,603,735 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 March 2, 2020. They have not been formally released by the Governor’s Budget Office. Follow the Senate Finance Committee on Twitter @WVSenFin. Run Date: 6326222626 Run Time: Description BUSINESS 6. OCCUPATION TAX CONSUMER SALES 6 USE TAX PERSONAL INCOME TAX LIQUOR PROFIT TRANSFERS BEER TAX 6 LICENSES TOBACCO PRODUCTS TAX BUSINESS FRANCHISE FEES CHARTER TAX PROPERTY TRANSFER TAX PROPERTY TAX CASH FLOW TRANSFER INSURANCE TAX DEPARTMENTAL COLLECTIONS CORP INC 6 BUS FRANCHISE MISCELLANEOUS MISCELLANEOUS TRANSFERS INTEREST INCOME VIDEO LOTTERY TRANSFERS SEVERANCE TAX LIQUOR LICENSE RENEWAL H6 162 LOTTERY TRANSFERS REFUNDABLE CREDIT REIMB LTY 2:16:56 AM General Revenue Current Month Gross Revenue 12,943,63662 116.969.496.59 162,696,24624 1,965,556.66 562,149.63 12.245.444.12 24,624.23 456.12 262,245.26 215,656.45 Net Prior Month YTD 26.622.242.26 611.535.919.66 1,195,666,22595 12.956.656.92 4,136,222.51 96.659.561.26 466,392.35 6,615.56 2,963,462.96 4,225,636.62 66.993.666.39 16.694.559.29 166.523.633.64 3,426,146.93 15.615.262.12 316,134.61 2,645,264.26 -- 22.159.266.29 3,255,312.66 164,262.93 2,566.66 156.421.635.55 26.232.451.24 6,516,466.96 3,291,634.22 31.232.595.16 6,153,662.16 234,216.66 2,116,536.66 16.346.333.45 1,216,566.66 $2,641,624,564.66 $366,521 ,2 62.25 Current Month Refu nde 226.29 662,254.25 66.264.455.29 966.66 296.66 164,366.61 11,266.13 22,446.66 562.621.226.22 Current Month Net 12.942.616.33 116.366.242.34 95.625.265.45 1 .965,556 566,249.63 12.245.444.12 24,594.23 456.12 262,245.26 215,656.45 16.346.333.45 1,216,216.66 3,263,266.92 364,666.66 3,255,312.66 2,566 26.265.616.94 3,291,634.22 6,153,662.1 2,116,536 $266,446,556 .66 Current YTD Revenue 69.626.652.61 921.642.662.22 1 ,291.634.661.46 14.656.266.92 4,644,922.34 111.465.665.93 424,966.56 9,621.62 6,231,266.22 4,991,494.52 29.342.621.64 12.912.226.15 111.636.613.96 15.926.136.66 2,645,264.26 36.414.566.32 121,642.93 162.626.646.49 11.662.515.62 32.391.462.26 2,644,254.66 $2,646,524,6 63.66