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WV revenue collections not meeting projections

August 5, 2014
Associated Press

CHARLESTON, W.Va. (AP) — The West Virginia Department of Revenue says revenue collections are more than $17 million below projections in the first month of the new budget year.

The Charleston Gazette reports ( ) that a variety of taxes came in below estimates in July.

Deputy Revenue Secretary Mark Muchow says the state's economy needs to grow by about 4 percent in order to balance the state budget.

The two biggest sources of tax revenue, consumer sales tax and personal income taxes, both came in below estimates.

Sales tax collections were about $1.4 million below estimates, while income tax collections were about $11 million less than projected.



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