July’s tax collections continued a concerning trend of declining revenues, even before the 2023 tax cuts have been fully implemented. July’s collections came in 12 percent, or $46 million, below last July’s revenues, barely exceeding fairly modest revenue estimates and creating significant doubt about the current and future availability of revenue to pay for a…
Tax and Budget
With the end of West Virginia’s 2023 fiscal year on June 30 came bold declarations about the strength of West Virginia’s economy and its historic revenue surplus. A deeper dive into the state’s tax receipts for the year reveals more of a mixed bag: strong tax receipts in the first half of the year slowing…
West Virginia MetroNews - West Virginia’s state government ended the fiscal year $1.8 billion over estimate. Read the full article. Much of the surplus is already spoken for through legislative appropriations, and state officials will determine what to do with the rest. And, of course, political views differed on whether the surplus is a sign…
West Virginia Public Broadcasting - Gov. Jim Justice announced on Friday that West Virginia’s cumulative revenue collections for Fiscal Year 2023 will come in at $1.8 billion over estimate. He said the budget surplus breaks the record for biggest single-year revenue surplus in state history for the second year in a row. Read the full…
Mountain State Spotlight, Beckley Register-Herald, My Buckhannon - As he sat in a car, speaking to a camera shortly after gallbladder surgery, West Virginia Gov. Jim Justice wanted to make it clear that the past few days have been tough. But there was one thing that was keeping him in good spirits: an official $1.8 billion budget surplus.…
Center Square - West Virginia will finish the year with $1.8 billion more in tax and fee collections than budgeted, something Gov. Jim Justice called a record for a second straight year. Read the full article. But the West Virginia Center on Budget and Policy says that is because Justice gamed the system with budget…
Charleston Gazette-Mail - For West Virginia to thrive, we need great schools, safe communities and quality infrastructure. With the end of the state’s fiscal year upon us, the upcoming days will undoubtedly be inundated with news releases and news coverage of West Virginia’s revenue surplus. Unfortunately, rather than the surplus signaling a thriving economy, it…
WOWK - On this week’s episode of Inside West Virginia Politics, we go “back to the island” with an island-themed fundraiser for CAMC. Read the full article. In Segment One, we talk to Attorney General Patrick Morrisey (R-WV) about the HALT Fentanyl Act. In Segment Two, we talk to Del. Daniel Linville (R-Cabell) about economic…
Higher Ed Dive - West Virginia University announced Wednesday a merger of its College of Creative Arts and the Reed College of Media, heralding it as a “creative and innovative collaboration.” Read the full article. But in the same breath it cast the consolidation as inventive, it acknowledged it was staring down “a challenging collegiate landscape,” which…
The Intermountain - West Virginia University has been facing financial challenges for years. This year it will be dealing with a projected $45 million deficit. According to one in-state think tank, lawmakers dropped the ball by failing to maintain steadier state funding for higher education over the past few years. Read the full article. The…