Sunday, January 17, 2010
Governor Reluctant To Tap Reserve Funds
WEST VIRGINIA...
Governor Joe Manchin and other state leaders are reluctant to dip into various reserve funding sources to offset revenue shortfalls and rising costs associated with retirement systems in the upcoming budget year. The governor's budget proposal recommends $4.16 billion in spending for fiscal year 2011. That's an expenditure increase of roughly $120 million over the current year, on top of a projected drop in revenue of $46 million. Last summer, Manchin proposed a one-time $500 bonus for state employees to be funded by the surplus. The measure ultimately failed in a two-day special session. Manchin requested state agencies make mid-year budget cuts of 3.4 percent last month to deal with a projected revenue shortfall of $120 million.
Governor Joe Manchin and other state leaders are reluctant to dip into various reserve funding sources to offset revenue shortfalls and rising costs associated with retirement systems in the upcoming budget year. The governor's budget proposal recommends $4.16 billion in spending for fiscal year 2011. That's an expenditure increase of roughly $120 million over the current year, on top of a projected drop in revenue of $46 million. Last summer, Manchin proposed a one-time $500 bonus for state employees to be funded by the surplus. The measure ultimately failed in a two-day special session. Manchin requested state agencies make mid-year budget cuts of 3.4 percent last month to deal with a projected revenue shortfall of $120 million.
# posted by Homer Owens @ 6:47 AM 
