CHARLESTON, W. Va. (WOWK) — West Virginia is looking at a 33 million dollar deficit, just halfway through the current fiscal year. But things are looking up. The State Treasurer’s office has been able to negotiate lower interest rates on money the state borrows, and gain a higher return on state investments. That combined with unclaimed property, and there will be – as of now – a budget windfall.
“We are going to return $20 million dollars to the General Revenue Fund. And $10 million of that will come from unclaimed property,” said Treasurer John Perdue, (D) West Virginia.
For months the Governor’s office has talked about the potential for budget cuts, at one point estimating the cuts at $100 million dollars. Much of the bad news was caused by a sharp drop in severance taxes on coal and natural gas. But the new-found money will help ease that pain.
“The business guy initiates that. Now along the way, we still have restraint. And we still are watching and we’re still trying to hold back and everything. Because we don’t want to cut anything if we don’t have to,” said Gov. Jim Justice, (R) West Virginia.
Right now, the Governor and legislature are trying to plan the budget for the coming year, but it’s hard to know how much money the state really has.
“Now there are some restrictions on how this newfound money can be used. It can be applied to the current year’s budget deficit but it cannot be rolled into next year’s budget,” said Mark Curtis, 13 News Chief Political Reporter.
- New senate committee to fix and strengthen West Virginia’s foster care system
- Kentucky state police warn drivers to slow down in work zones
- House Bill 4078 would put a cap on co-pays for insulin in West Virginia
- A West Virginia group wants to rewrite history and pardon John Brown
- Economic discussions in the legislative session, plus a warm welcome to Charleston
- Charleston community members and state leaders march to remember MLK Jr.
- WV lawmakers try to lower prescription drug costs
- Possible pipe bomb materials found during Jackson County, West Virginia drug arrest
- Troubled Kentucky jail improves under new leadership
- Family Policy Council of West Virginia president files to run against Shelley Moore Capito