THE SENATE COMMITTEE ON FINANCE Fiscal Year 2020 General Revenue Collections May 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% $ 322,906 $ (7,222) 98% $ 428,236 $ 6,884 102% $ 437,531 $ 12,990 103% $ 299,449 $ 1,684 101% $ 362,784 $ 12,292 104% $ 388,531 $ (192,276) 67% $ 296,789 $ (37,654) 89% $ $ (468,656) 0% * a l l numbers i n thous a nds Totals $ 4,693,640 $ 3,988,629 $ (705,011) * Monthly Estimate Reduced January 9, 2020 85% 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 May totaled $296,789,445, falling below the monthly estimate of $334,443,000 by $37,653,555. Bringing the total year to date General Revenue collections to $3,988,629,610. Fiscal Year 2020 YTD Estimate $4,224,984,000 Fiscal Year 2020 YTD Collections $3,988,629,610 Fiscal Year 2020 YTD Performance not meeting estimates by $236,354,390 As of the end of May the state has collected 84.98% of its total estimated yearly revenue of $4,693,640,000. At this time, the state should have collected 89.85% of its yearly revenue. Personal Income Tax Personal income tax (PIT) collections for the month were $125,890,526. This figure is $11,109,474 below the May estimate of $137,000,000. The total year to date personal income tax collections for fiscal year 2020 are $1,767,559,489. Fiscal Year 2020 PIT YTD Estimate $1,944,980,000 Fiscal Year 2020 PIT YTD Collections $1,767,559,489 Fiscal Year 2020 PIT YTD Performance Below estimates by $177,420,511 As of the end of May the state has collected 82% of its total estimated PIT yearly collections of $2,154,880,000. At this time the state should have collected 90% 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 May were $108,689,010 and were $ 9,110,990 below the monthly estimate of $117,800,000. Total Consumer Sales and Service Tax collections for fiscal year 2020 are $1,225,483,2844. Fiscal Year 2020 YTD CS&S Tax Estimate $1,239,500,000 Fiscal Year 2020 YTD CS&S Tax Collections $1,225,483,284 Fiscal Year 2020 CS&S Tax YTD Performance Below estimates by $14,016,716 As of the month of May the state has collected 88.15% of its yearly estimated collections. At this time the state should have collected 89.16% 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 May were $15,717,184. This figure is $16,782,816 below the monthly estimate of $32,500,000. Total severance tax collections for fiscal year 2020 are $248,152,123. Fiscal Year 2020 YTD Severance Tax Estimate $323,440,000 Fiscal Year 2020 YTD Severance Tax Collections $248,152,123 Fiscal Year 2020 Severance Tax YTD Performance Below estimates by $75,287,877 As of the end of May the state has collected 69% of its total yearly collections of $376,800,000. At this time the state should have collected 90% of its yearly severance tax collections. This current trend puts the state not on track for meeting the yearly severance tax collection estimate. SENATE COMMITTEE ON FINANCE Fiscal Year Comparison (FY 20 vs FY 19) Prepared by: Chris DeWitte and Ben Agsten * All Numbers in Report are Rounded and Expressed in Thousands General Revenue Collections May FY 2020 May FY 2019 Estimate Collections Difference Estimate Collections Difference Year over Year Growth 137,000 117,800 Severance Tax 32,500 Corporate Net Income Tax 3,000 Tobacco Tax 14,600 All Other Taxes 29,543 125,890 108,689 15,717 1,658 12,802 32,033 (11,110) (9,111) (16,783) (1,342) (1,798) 2,490 130,400 116,200 37,200 2,700 15,600 32,413 156,245 116,800 43,405 11,518 18,088 34,841 25,845 600 6,205 8,818 2,488 2,428 -19% -7% -64% -86% -29% -8% 334,443 296,789 (37,654) 334,513 380,897 46,384 -22% Personal Income Tax Sales and Use Tax Totals YTD Fiscal Year 2020 Collections Difference Year over Year Growth (177,421) 1,855,700 (14,017) 1,215,700 (75,288) 402,400 28,675 150,538 (8,055) 164,200 9,751 408,766 1,896,326 1,218,906 410,590 161,486 158,342 432,691 40,626 3,206 8,190 10,948 (5,858) 23,925 -7% 1% -40% -12% -3% 4% 4,224,984 3,988,629 (236,355) 4,197,304 4,278,341 81,037 -7% Total Collections Year over Year Growth Total Collections Estimate Collections Difference 1,944,980 1,767,559 1,239,500 1,225,483 Severance Tax 323,440 248,152 Corporate Net Income Tax 113,200 141,875 Tobacco Tax 161,600 153,545 All Other Taxes 442,264 452,015 Personal Income Tax Sales and Use Tax Totals YTD Fiscal Year 2019 Estimate Fiscal Year 2020 Monthly Collections Cumulitive Estimate Fiscal Year 2019 Total Collections Monthly Collections Cumulitive Estimate July $ 284,681 $ 317,650 $ 284,681 $ 313,605 $ 313,716 $ 313,605 -9% August $ 336,147 $ 670,649 $ 620,828 $ 352,280 $ 660,666 $ 665,885 -7% September $ 477,269 $ 1,127,890 $ 1,098,097 $ 452,908 $ 1,098,896 $ 1,118,793 -2% October $ 354,306 $ 1,485,456 $ 1,452,403 $ 359,160 $ 1,460,473 $ 1,477,953 -2% November $ 322,906 $ 1,815,584 $ 1,775,309 $ 333,641 $ 1,796,333 $ 1,811,594 -2% December $ 428,236 $ 2,236,936 $ 2,203,545 $ 422,995 $ 2,218,406 $ 2,234,589 -1% January* $ 437,531 $ 2,661,477 $ 2,641,076 $ 422,335 $ 2,651,708 $ 2,656,924 -1% February $ 299,449 $ 2,959,242 $ 2,940,525 $ 302,822 $ 2,945,523 $ 2,959,746 -1% March $ 362,784 $ 3,309,734 $ 3,303,309 $ 333,001 $ 3,294,906 $ 3,292,747 0% April* $ 388,531 $ 3,890,541 $ 3,691,840 $ 604,695 $ 3,891,819 $ 3,897,442 -5% May $ 296,789 $ 4,224,984 $ 3,988,629 $ 380,898 $ 4,261,213 $ 4,278,340 -7% June $ $ 4,963,640 $ 477,995 $ 4,748,158 $ 4,756,335 - Rainy Day Funds Revenue Shortfall Reserve Fund (Rainy Day A) balance as of April 30, 2020 is $369,868,741 Revenue Shortfall Reserve Fund (Rainy Day A) same time last year: $295,652,332 Revenue Shortfall Reserve Fund – Part B (Rainy Day B) balance as of April 30, 2020 is $472,894,751 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 April 30, 2020: $842,763,492 Total Balance of Revenue Shortfall Reserve Funds (Funds A+B) same time last year: $751,834,508 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 June 1, 2020. They have not been formally released by the Governor’s Budget Office. Follow the Senate Finance Committee on Twitter @WVSenFin. Run Date: 6626112626 Run Time: Description BUSINESS 6. OCCUPATION TAX CONSUMER SALES 3 USE TAX PERSONAL INCOME TAX LIOUOR 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 LOTTERY TRANSFERS TAX LIQUOR LICENSE RENEWAL H6 162 LOTTERY TRANSFERS REFUNDABLE CREDIT REIMB LTY 6:16:36 AM General Revenue Current Month Groee Revenue Net Prior Month YTD 114.662.126.56 1,116,264,224.34 1,641,666,66366 16.225.231.62 5,666,626.62 146.242.654.66 563,526.63 6,116.34 16.434.536.26 6,662,236.66 125.663.566.26 26.666.464.21 146.216.666.36 16.636.241.46 2,166,364.26 26.662.326.64 312,234.16 232.434.636.61 15.623.624.46 44.662.665.66 5,666,266.66 $3.661.646.165.26 2,655,235.46 166.266,562.65 153.666,132.11 2,312,656.66 265,666.13 12.616.616.21 56,315.46 633,662.42 324,166.16 1,264,536.22 1,122,522.62 3,613,651.66 162,652.56 5,166,626.56 15.656.621.66 6,652,462.25 2,614,466.36 3,346,665.66 $325,665.653.35 Current Month Refunds 2,664.63 512,522.56 22.122.611.11 25.66 6,643.25 3,326.16 64.66 1,355,351.52 141,436.32 526.266.566.15 Current Month Net 2,652,246.66 166,666,616.62 125,666,526 2,312,656 265,624.13 12.662.622.46 52,666.21 633,662.42 324,166.16 1,264,536.22 1,122,463.62 1,656,366.32 162,652.56 5.166.6265 15.212.164.26 6,652,462.25 2,614,466.36 3,346,665 $266.266.445.26 Current YTD Revenue 122.654.612.44 1,225.463.264.41 1,262.556.466.66 21.662.261.62 6,424,653.65 153.545.622.42 616,556.64 6,116.34 11.366.236.26 2,166,625.24 126.646.122.55 21.636.646.53 141.625.266.21 16.216.664.62 2,166,364.26 35.132.666.54 312,234.16 246.152.123.52 21.231.421.23 46.626.565.32 6,232,245.66 $3.66 6,626,616.46