Friday, April 02, 2010
W. Va. Budget In The Red
WEST VIRGINIA....
With just three months left in its budget year, West Virginia state government is more than $33 million in the red. March general tax revenues tumbled, while the state collected $293 million, but had expected $352 million. The $58 million difference more than wiped out a slight excess balance, leaving the Manchin administration expecting to miss its original $3.7 billion estimate by as much as $120 million. General revenue relies heavily on personal income and sales taxes, both of which were down nearly $36 million for the year. Income tax refunds nearly doubled from the previous year. Severance taxes, mostly on coal, were $6 million above the estimate for March... up $85 million for the year.
With just three months left in its budget year, West Virginia state government is more than $33 million in the red. March general tax revenues tumbled, while the state collected $293 million, but had expected $352 million. The $58 million difference more than wiped out a slight excess balance, leaving the Manchin administration expecting to miss its original $3.7 billion estimate by as much as $120 million. General revenue relies heavily on personal income and sales taxes, both of which were down nearly $36 million for the year. Income tax refunds nearly doubled from the previous year. Severance taxes, mostly on coal, were $6 million above the estimate for March... up $85 million for the year.
# posted by Homer Owens @ 9:37 AM 
