THE SENATE COMMITTEE ON FINANCE Fiscal Year 2020 General Revenue Collections March 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% $ 362,784 $ 12,292 104% $ $ (580,807) 0% $ $ (334,443) 0% $ $ (468,656) 0% * a l l numbers i n thous a nds Totals $ 4,693,640 $ 3,303,307 $ (1,390,333) * Monthly Estimate Reduced January 9, 2020 70% 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 March totaled $362,784,268, exceeding the monthly estimate of $350,492,000 by $12,292,268. Bringing the total year to date General Revenue collections to $3,303,308,331. Fiscal Year 2020 YTD Estimate $3,309,734,000 Fiscal Year 2020 YTD Collections $3,303,308,331 Fiscal Year 2020 YTD Performance not meeting estimates by $6,425,669 As of the end of March the state has collected 70.38% of its total estimated yearly revenue of $4,693,640,000. At this time, the state should have collected 70.35% of its yearly revenue. Personal Income Tax Personal income tax (PIT) collections for the month were $143,260,339. This figure is $9,660,339 below the March estimate of $133,600,000. The total year to date personal income tax collections for fiscal year 2020 are $1,434,894,400. Fiscal Year 2020 PIT YTD Estimate $1,468,680,000 Fiscal Year 2020 PIT YTD Collections $1,434,894,400 Fiscal Year 2020 PIT YTD Performance Below estimates by $33,785,600 As of the end of March the state has collected 67% of its total estimated PIT yearly collections of $2,154,880,000. At this time the state should have collected 68% 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 March were $102,251,373 and were $311,373 above the monthly estimate of $101,940,000. Total Consumer Sales and Service Tax collections for fiscal year 2020 are $1,024,094,034. Fiscal Year 2020 YTD CS&S Tax Estimate $1,020,200,000 Fiscal Year 2020 YTD CS&S Tax Collections $1,024,094,034 Fiscal Year 2020 CS&S Tax YTD Performance Exceeding estimates by $3,894,034 As of the month of March the state has collected 73.66% of its yearly estimated collections. At this time the state should have collected 73.38% 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 March were $39,500,977. This figure is $3,000,977 above the monthly estimate of $36,500,000. Total severance tax collections for fiscal year 2020 are $222,127,624. Fiscal Year 2020 YTD Severance Tax Estimate $265,200,000 Fiscal Year 2020 YTD Severance Tax Collections $222,127,624 Fiscal Year 2020 Severance Tax YTD Performance Below estimates by $43,072,376 As of the end of March the state has collected 62% of its total yearly collections of $376,800,000. At this time the state should have collected 74% 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 March 31, 2020 is $371,405,344 Revenue Shortfall Reserve Fund (Rainy Day A) same time last year: $291,124,335 $291,476,749 Revenue Shortfall Reserve Fund – Part B (Rainy Day B) balance as of March 31, 2020 is $483,426,924 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 March 31, 2020: $854,832,268 Total Balance of Revenue Shortfall Reserve Funds (Funds A+B) same time last year: $737,615,524 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 April 1, 2020. They have not been formally released by the Governor’s Budget Office. Follow the Senate Finance Committee on Twitter @WVSenFin. Run Date: 5415112525 Run Time: Description BUSINESS 5 OCCUPATION TAX CONSUMER SALES 5. USE TAX PERSONAL INCOME TAX LIQUOR PROFIT TRANSFERS BEER TAX. 5 LICENSES TOBACCO PRODUCTS TAX BUSINESS FRANCHISE FEES CHARTER TAX PROPERTY TRANSFER TAX PROPERTY TAX CASH FLOW TRANSFER INSURANCE TAX DEPARTMENTAL COLLECTIONS CORP INC 5 BUS FRANCHISE MISCELLANEOUS MISCELLANEOUS TRANSFERS INTEREST INCOME VIDEO LOTTERY TRANSFERS TAX LIQUOR LICENSE RENEWAL HB 152 LOTTERY TRANSFERS REFUNDABLE CREDIT REIMB LTY 5:55:32 AM General Revenue Current Month Groee Revenue Net Prior Month YTD 55.525.552.51 521.542.552.22 1,251 ,534,551 .45 14.555.255.52 4,544,522.34 111,455,555.53 424,555.55 5,521.52 5,231,255.22 4,551,454.52 25.342.521.54 12,512,22515 111,535,513.55 15.525.135.55 2,545,254.25 35,414,55532 121,542.53 152.525.545.45 11.552.515.52 32,351,45225 2,544,254.55 $2,545,524,553.55 11.554.552.55 155.335.455.35 254,555,552.35 1,515,225.55 154,515.15 15,325,555.54 55,554.55 42.52 221,552.13 1,552,254.13 12.215.345.55 1,525,552.33 5,552,555.44 1,552,552.51 3,244,544.51 145,555.12 35.552.552.53 2,525,533.25 3,544,525.55 $425,155,554.45 Current Month Refunds 535.51 4,552,111.55 55,555,55355 555.55 13,512.51 4,533.25 45.55 155.55 452,244.55 51,525.51 555.322.335.55 Current Month Net 1 1 553,525.52 152.251.3232 143.255.335.35 1,515,225 154,255.15 15,315,14553 51,431.24 41".51r 221,552.13 1,552,254.13 12,215,255 1 ,525,355.33 5,155,321.35 1,552,552.51 3,244,544.51 145,555.12 35.555.522.52 2,525,533.? 3,544,525 $352,254,255.45 Current YTD Revenue 151.253.553.55 1,524.554.535.52 1,434,554,45525 15.255.451.52 4,525,235.53 125.225.154.25 525,415.32 5,115.34 5,552,225.35 5,545,555.55 52.551.325.54 15.435.125.45 115.552.135.32 12.513.533.41 2,545,254.25 33.555.224.35 312,234.15 222.122.524.51 11.552.515.52 44.552.555.55 5,555,255.55 $3,353,355,332.11