CHARLESTON, W.Va. — West Virginia’s tax collections from natural gas, coal and oil production totaled $47 million in June, exceeding estimates again and showing a continuing rebound in the state’s energy sector.
Total state tax receipts of nearly $425 million for the month, while lower than budget estimates, were 6.6 percent higher than the same month last year.
Wednesday’s report shows the state government cut spending, shifted funds, closed a projected budget deficit for the fiscal year that ended June 30 and ended with a $63 million surplus.
State officials say half of that will return to West Virginia’s rainy day fund, with the rest applied to new spending but still $11 million short of what the Legislature budgeted.
June sales tax receipts were 6.2 percent higher though the year’s total collections were flat.