West Virginia Road Fund – October 2023 Highlights
The West Virginia Department of Revenue concluded the first four months of the 2024Fiscal Year with four percent over their initial estimate. With the total combined revenue of Fuel Tax, Registration Fees, Privilege Tax and Litter Fees being $324.6 million, compared to its estimate of $313.2 million.
Motor Fuel Tax carried much of the excess as the winter season draws near, with collections totaling some $170.5 million, $15.5 million above the estimates. Vehicle Sales tax collections totaled $112.5million roughly $7 million above estimates possibly due to the lingering high prices for vehicles. According to Cox Automotive, “the average price paid for a new non-luxury vehicle in September was $44,626, an increase of 1% from one year ago.”
While Fuel and Sales tax collections were both more than predictions, Registration Fees trailed estimates, roughly $11 million, totaling $41 million. This trailing in Registration fees follows the like trend as mentioned in July regarding the decreased overall vehicle sales across the nation. As mentioned, nationally, roughly 9% fewer vehicles were sold in the calendar year 2022 when compared to 2021.
When compared with FY 2023, the last four months of the Vehicle Sales Tax remained even, Registrations lagged roughly $4 million, but Motor Fuel Tax revenues increased roughly $25 million.
A breakdown of July– October FY 2024 collections verses this years estimates and previous year collections are as followed, and the full report can be found here:
| FY 2024 ESTIMATED COLLECTIONS July – October | FY 2024 ACTUAL COLLECTIONS July – October | FY 2023 ACTUAL COLLECTIONS July – October | |
| MOTOR FUEL | 155,000,000 | 170,500,000 | 145,383,000 |
| PRIVILEGE TAX | 105,500,000 | 112,495,000 | 112,242,000 |
| REGISTRATION | 52,050,000 | 41,047,000 | 45,044,000 |
| HIGHWAY LITTER FEES | 609,000 | 566,000 | 585,000 |
| TOTAL DEDICATED TAX | $ 313,159,000 | $ 324,608,000 | $ 303,254,000 |
*Source: WV State Budget Office
Past Posts
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Historical and individualized information can be found at: https://www.asphaltwv.com/index/
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WVDOH has released the Asphalt, Concrete and Fuel price adjustment indices for the month of October 2024 as shown below.
Period – 10/1/2024
#2 Fuel (Gal) – $2.2981
Asphalt (Ton) – $576.00
Cement (Ton) – $257.68
Historical and individualized information can be found at: https://www.asphaltwv.com/index/
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