CHARLESTON — April showers may bring May flowers, but tax revenue collections in West Virginia for April made it rain record-breaking surpluses and brought the state closer to a $1 billion year-to-date surplus.

According to data released Tuesday by the West Virginia Department of Revenue, tax collections of $791.5 million were 47 percent more than the $538.4 million revenue estimate for the month, giving the state a $253 million surplus for April. According to the Governor’s Office, this is the single largest monthly surplus in state history.

The haul for April brought West Virginia $4.8 billion for the general revenue fund for the final 10 months of fiscal year 2022 that ends on June 30, which was 26 percent more than the $3.8 billion estimate, leaving the state with $993.1 million with two months left in the current fiscal year. At this pace, West Virginia is sure to exceed $1 billion in surplus revenue as fiscal year 2023 begins on July 1.

Speaking Tuesday during a virtual briefing at the State Capitol Building, Gov. Jim Justice was all smiles as he talked about West Virginia’s massive economic success.

“This is a celebration we should have in this state we absolutely ought to have a thousand parades for,” Justice said. “The State of West Virginia is really doing fantastic. That’s all there is to it.”

By pure dollar amounts, the state’s personal income tax collections for April brought in the most in tax collections, with the personal income tax filing date falling on April 15. Personal income tax collections of $448.5 million for April were 50 percent more than the $298.5 million estimate, resulting in a $150 million surplus for the month. Year-to-date tax personal income tax collections of $2.1 billion was 23 percent more than the $1.7 billion estimate, giving the state $394.9 million in surplus.

By pure percentages, West Virginia’s coal and natural gas severance tax collections also drove the record surplus numbers. April severance tax collections of $54.8 million were 135 percent more than the $23.3 million estimate, giving the state a $31.5 million surplus for the month. Year-to-date collections of $555.2 million were 114 percent more than the $259.4 million estimate, giving the state a year-to-date surplus of $295.8 million.

Tax collections for the consumer sales and use tax and the corporate net income tax also performed well. April consumer sales tax collections of $122.7 million were 13 percent more than the $108.5 million estimate, for a $14.2 million surplus. Year-to-date sales tax collections of $1.3 billion were 10.6 percent more than the $1.2 billion estimate, leaving the state with a $125.9 million surplus. April corporate net income tax collections of $89.4 million were 141.7 percent more than the $37 million estimate, for a $52.4 million surplus for the month. Year-to-date collections of $280.8 million were 121.5 percent more than the $126.8 million estimate, for a $154 million surplus.

West Virginia’s $993.1 million surplus for the current fiscal year is more than the $986.1 million in the states two revenue shortfall funds, together known as the Rainy Day Fund. That’s down from $1.003 billion at the end of March.

“In essence, what we have really done is we have built potentially a Rainy Day (Fund) 2 in 10 months,” Justice said. “That’s just how good we’re doing in the State of West Virginia.”

Previously, State Code required half of any surplus at the end of a fiscal year go into the Rainy Day Fund. But Senate Bill 478, passed by the Legislature during the 2022 regular session caps the Rainy Day Fund, allowing all surplus tax revenue to go into the general revenue fund starting in July.

“Along the way, we built the Rainy Day Fund to over $1 billion in the State of West Virginia,” Justice said. “Now, we don’t need to put more money in the Rainy Day Fund. It’s stable and it will perpetually go forward for years and years, if not decades and decades to come. It, in itself, is an incredible accomplishment.”

The Legislature passed Senate Bill 250, the budget bill for fiscal year 2023, on March 12. The bill set the general revenue budget for $4.635 billion, a $10 million decrease from the governor’s recommended budget and two amended budget bills passed by the House and Senate earlier in the session.

SB 250 also includes nearly $800 million of additional spending items in the back of the budget which will be funded with available surplus in the order the items appear. The largest amount — $600 million – will go to the Department of Economic Development. Any leftover surplus would return to the general revenue fund.