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WHEELING -- West Virginia officials are expecting the state to end fiscal 2018 with at least a $30 million surplus.
The announcement by Gov. Jim Justice on Wednesday comes nearly a year after the West Virginia leaders grappled with a general fund budget deficit for 2018 projected to be as much as $497 million.
"This state is rolling," Justice said. "Anyway you cut it, we're rolling in the right way.... We need to say for once in West Virginia, we're really on the move, and we are in lots of ways. ....
"Today is a good day -- another good day. And we need to be happy."
General Revenue Fund collections specifically for the month of May totaled $328.9 million, and were $20.2 million above estimates, according to Justice.
Secretary of Revenue Dave Hardy said the state was in line to end the year with a surplus of between $30 million and $50 million.
The governor's office provided information detailing May figures and collections to date in 2018:
• Personal income tax collections in May exceeded projections by nearly $8.5 million, partly due to a 69 percent gain in nonresident withholding tax collections. Cumulative collections of nearly $1.74 billion for the year are $60.8 million above estimate and 6.4 percent ahead of May 2017 numbers.
• Corporation net income tax collections exceeded the May estimate by $3.8 million. Year-to-date collections are $5.6 million above estimate and 0.8 percent ahead of last year.
• Severance tax collections exceeded estimate by more than $1.8 million in May. Year-to-date collections of $310.5 million were 13.3 percent ahead of last year.
• Business and occupation collections were $1.4 million ahead of estimate in May. Cumulative receipts were $200,000 ahead of estimate.
• Consumer sales tax collections exceeded estimate in May by $400,000. Cumulative general revenue fund sales tax collections of more than $1.1 billion were still $26.5 million below estimate and just 1.2 percent ahead of last year.
• Cumulative State Road Fund collections of nearly $738.5 million were $12.5 million above estimate and 16.5 percent ($104.7 million) ahead of last year.
• General Revenue Fund collections remain on target to meet or exceed year-end estimates.
While May General Revenue Fund collections of $328.9 million were $20.2 million above estimate, they were 6.1 percent below prior year receipts due to normal timing alterations from the prior year calendar, according to the information.
May collections were bolstered by a nearly $7.5 million monthly surplus of appropriated Lottery Fund Transfer receipts and a bigger than expected carryover of annual return payments due in April.
Justice on Wednesday addressed questions about whether $15 million in back taxes owed by his family's businesses have been paid.
"I think we're still waiting on one of the companies my family doesn't control to sign off," he said. "All the monies are in escrow. And from my standpoint, all the monies in every way, shape or fashion are paid."