W.Va. Ends Fiscal Year With Record Revenue Collections

Fueled by high energy prices and a rebounding economy, West Virginia's state government collected a record $3.5 billion in taxes, fees and other revenue during its budget year that ended June 30, state officials said Tuesday. The state ended the fiscal year with an $83.8 million surplus (even after appropriating $349.2 million of projected surpluses for the 2004-05 budget year). Compared to the prior fiscal year, revenues increased by $421 million, or 14 percent. The hike in tax collections was due to strong Severance Taxes, which came in more than $85 million higher ($248 million total) higher that first projected. The state's two biggest sources of tax revenue remain the consumer sales and personal income taxes. The sales tax landed $960 million for the year, while personal income taxes added $1.17 billion to the state's coffers.