West Virginia State Treasurer transfers $20 million to state’s General Revenue Fund

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CHARLESTON, W.Va. (WOWK) – West Virginia Governor Jim Justice and West Virginia State Treasurer John Perdue held a joint press conference today, announcing that Treasurer Perdue’s office is transferring an additional $20 million to the state’s General Revenue Fund for Fiscal Year 2020.

“What I love is the fact that this is a great example of two people, across the aisle from one another, really working together as West Virginians first and foremost,” Governor Justice said. “Treasurer Perdue has done a heck of a job and he’s a good man. We should all be proud of all the work he’s done and today is just the latest example.”

The Treasurer proposed the one-time transfers of $10 million from Unclaimed Property and $10 million from Banking Services to help close a current budget gap for the 2020 fiscal year.

Today’s two transfers are in addition to an already-budgeted $7 million transfer to General Revenue from the Unclaimed Property Fund, which will bring the total to $27 million transferred from the Treasurer’s Office to General Revenue in the 2020 fiscal year.

“Thanks to a combination of conservative money management, efficient office practices, good interest rates, and successful legal settlements, I am pleased to announce my office will move a total of $20 million to the state’s General Revenue Fund to help with the current fiscal year budget,” Treasurer Perdue said. “I am excited to be in a position to provide a boost to the General Revenue Fund mid-fiscal year, and I am hopeful it will be used to support some of our state’s most imminent needs.”

“It’s a good day in West Virginia. We’re having a lot of good days now,” Gov. Justice said. “Our numbers have been coming in a little bit better, a little bit better, a little bit better. And now, here’s some great big help from our Treasurer. We just want to keep building on that and keep trending in the right direction.”

According to the Governor’s Office, year-to-date collections are $33.4 million below estimates due in part to a slump in energy prices and coal sales.

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