Exponent-Telegram – The Office of Governor Patrick Morrisey recently released its six-year financial plan through fiscal year 2031. Starting in fiscal year 2028, the financial plan anticipates shortfalls of between $200 million and $400 million for four years totaling more than $1.2 billion in uncovered expenses.
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These shortfalls are the result of changing state funding priorities as well as decreases in revenues anticipated to occur if lawmakers enact a 5% cut to personal income taxes — even more if lawmakers find efficiencies to enact the governor’s 10% proposed cut.
“My main recommendation is: pump the brakes on these tax cuts. We have the trigger mechanism in place, and we’re hundreds of thousands of dollars away from hitting that trigger. And that trigger was supposed to be a responsible way to cut taxes at a maximum of 10% each year if we exceeded the trigger by 10%. And we’re well below hitting the trigger for fiscal year ‘26 and fiscal year ‘27 based on the revenue numbers that we have,” said West Virginia Center on Budget & Policy senior policy analyst Sean O’Leary.
