West Virginia finishes February with more than $12M surplus

Money, Photo Date: 2/2/2018 / Photo: Pixabay / (MGN)
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CHARLESTON, W.Va. (AP) - Gov. Jim Justice says West Virginia has added $12.2 million in revenue to the state coffers last month.

Justice announced February's revenue collections Monday. He says the state is "knocking it out of the park" but adds that "we still have a lot of people to help."

He says the rise is due to high growth rates in severance tax, personal income tax, sales tax and corporate income tax.

Year-to-date, West Virginia's revenue fund has collected nearly $2.96 billion with a surplus of $53 million, which is about 12 percent ahead of last year.

Justice says some of the growth is because of higher values on foreign exports of coal, a slower-than-expected start to the tax refund season and natural gas prices trending higher than last year.