WV gov seeks larger reserves, project funding - WOWK 13 Charleston, Huntington WV News, Weather, Sports

WV gov seeks larger reserves, project funding

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CHARLESTON, W.Va. (AP) - Gov. Earl Ray Tomblin wants to increase West Virginia's already robust emergency reserves.

The governor hopes to win over lawmakers by also pledging funding for basic road needs and special infrastructure projects.

The state now has a so-called Rainy Day fund with more than $565 million. That exceeds 13% of general revenue spending, making it 1 of the healthiest reserves among states.

Tomblin had legislation introduced Friday to increase the reserve's target to 15% of spending. It would also dedicate future surpluses to water, sewer and other projects. The State Road Fund would get half of those deposits.

The bill also earmarks interest from investing reserve funds for Medicaid. But a similar measure died last session, in a debate over whether recurring surpluses should instead trigger tax cuts.