West Virginia MetroNews, Charleston Gazette-Mail – We will know Tuesday night who will be the next governor of West Virginia. The winner will celebrate the victory, and probably take a few days off from a long campaign. However, the governor-elect will have to get to work quickly on an emerging issue with the state’s finances.
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A report released Friday by the Senate Finance Committee shows that revenue collections were $15 million below estimates for October. Collections for the previous three months were at or near estimates, so when the numbers are added up, the state is about $14 million behind in collections for the fiscal year.
Revenues from personal income taxes, the largest single source of income, are short of projections by $33 million. Severance taxes, another significant revenue stream of the state, are below estimates by $19 million.
