Budget analysis and forecast Homework

SOURCE

Estimated Collections

FY 2022

Estimated Collections

December 2021

Actual Collections

December 2021

Estimated Collections

6 Months July 21-Dec 21

Actual Collections

6 Months July 21-Dec 21

To Date - Increase

(Decrease) Over Estimate

To Date - Percent

Collected

Business and Occupation Tax 111,000$ 6,900$ 3,307$ 51,700$ 44,927$ (6,773)$ 87% Consumer Sales Tax/Use Tax 1,473,800 133,900 153,997 721,900 787,346 65,446 109% Personal Income Tax 2,041,300 155,000 181,831 919,300 1,036,702 117,402 113% Liquor Profit Transfers 25,100 2,000 2,011 13,000 13,721 721 106% Racing Fees 0 0 0 0 0 0 0% Beer Tax and Licenses 7,550 480 473 3,590 3,599 9 100% Tobacco Products Tax 164,600 14,100 13,743 84,700 85,011 311 100% Estate Tax 0 0 0 0 0 0 0% Business Franchise Fees 700 55 86 338 509 171 151% Charter Tax 0 0 1 0 1 1 0% Property Transfer Tax 13,400 930 1,384 7,130 9,442 2,312 132% Property Tax 7,600 250 163 4,790 4,864 74 102% Insurance Tax 126,600 200 270 57,420 60,617 3,197 106% Departmental Collections 23,700 1,160 1,526 8,090 8,992 902 111% Corporation Net Income Tax 160,300 28,000 79,144 78,200 172,852 94,652 221% Miscellaneous Receipts 11,000 2,200 167 5,310 1,141 (4,169) 21% Miscellaneous Transfers 2,000 180 324 1,440 1,321 (119) 92% Interest Income 5,500 400 (176) 2,500 21 (2,479) 1% Severance Tax 319,700 32,200 62,575 137,400 254,193 116,793 185% Telecommunications Tax 0 0 0 0 0 0 0% Special Revenue Transfer 0 0 0 0 0 0 0% HB 102 - Lottery Transfers 65,000 4,400 5,916 26,400 31,600 5,200 120% Video Lottery Transfers 0 0 41 0 154 154 0% Liquor License Renewal 766 46 45 383 383 0 100% Senior Citizen Tax Credit Reimbursement 10,000 0 0 500 558 58 112% Tax Amnesty 0 0 0 0 0 0 0% TOTAL 4,569,616$ 382,401$ 506,828$ 2,124,091$ 2,517,954$ 393,863$

Increase or Decrease Over Estimate 124,427$ 393,863$

Percent Collected 133% 119%

STATE OF WEST VIRGINIA REVENUE COLLECTIONS

FISCAL YEAR 2022 DECEMBER 2021 (IN THOUSANDS)

GENERAL REVENUE FUND

Source: wvOASIS State Auditor's Office, John B. McCuskey, State Auditor Department of Revenue, Dave Hardy, Cabinet Secretary Prepared by the State Budget Office January 3, 2022

SOURCE

Actual Collections

December 2020

Actual Collections

December 2021

Actual Collections

6 Months July 20-Dec 20

Actual Collections

6 Months July 21-Dec 21

To Date - Increase

(Decrease) Over Prior Period

To Date - % Increase (Decrease)

Over Prior Period

Business and Occupation Tax 9,117$ 3,307$ 60,112$ 44,927$ (15,185)$ -25% Consumer Sales Tax/Use Tax 130,383 153,997 722,018 787,346 65,328 9% Personal Income Tax 159,603 181,831 1,083,425 1,036,702 (46,723) -4% Liquor Profit Transfers 1,516 2,011 10,660 13,721 3,061 29% Racing Fees 0 0 0 0 0 0% Beer Tax and Licenses 522 473 3,871 3,599 (272) -7% Tobacco Products Tax 16,788 13,743 89,221 85,011 (4,210) -5% Estate Tax 0 0 0 0 0 0% Business Franchise Fees 41 86 346 509 163 47% Charter Tax 1 1 7 1 (6) -86% Property Transfer Tax 809 1,384 7,444 9,442 1,998 27% Property Tax 103 163 4,773 4,864 91 2% Insurance Tax (30) 270 58,351 60,617 2,266 4% Departmental Collections 1,158 1,526 8,149 8,992 843 10% Corporation Net Income Tax 40,393 79,144 159,041 172,852 13,811 9% Miscellaneous Receipts 1,951 167 6,908 1,141 (5,767) -83% Miscellaneous Transfers 41 324 380 1,321 941 248% Interest Income (406) (176) 6,746 21 (6,725) -100% Severance Tax 15,633 62,575 69,842 254,193 184,351 264% Telecommunications Tax 0 0 0 0 0 0% Special Revenue Transfer 0 0 0 0 0 0% HB 102 - Lottery Transfers 4,426 5,916 26,526 31,600 5,074 19% Video Lottery Transfers 20 41 70 154 84 120% Liquor License Renewal 133 45 403 383 (20) -5% Senior Citizen Tax Credit Reimbursement 0 0 1,188 558 (630) -53% Tax Amnesty 0 0 0 0 0 0%

TOTAL 382,202$ 506,828$ 2,319,481$ 2,517,954$ 198,473$

Increase or Decrease Over Prior Period 124,626$ 198,473$

% Increase or Decrease Over Prior Period 33% 9%

STATE OF WEST VIRGINIA COMPARISON OF REVENUES

DECEMBER 2020 VS DECEMBER 2021 (IN THOUSANDS)

GENERAL REVENUE FUND