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Posted: 10:31 PM Jul 1, 2009
W.Va. Ends Year with a Budget Surplus
The Mountain State ended its budget year with a surplus of around $2.5 million.
Reporter: Associated PressEmail Address: news@wsaz.com |
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16 Comments 
CHARLESTON, W.Va. (AP) -- West Virginia ended its budget year with a trio of positive signs for the state government’s finances.
However the recession and other factors overshadow each of these fiscal indicators.
Officials estimate that general tax revenues wrapped up the year Tuesday with a surplus of around $2.5 million.
The lottery was also on track to meet or slightly exceed estimated annual sales of $1.4 billion.
State investments continue to rebound from the Wall Street meltdown- they have posted gains for at least three consecutive months.
The state’s portfolio though still missed the target return rate of 7.5 percent, instead it showed losses for the year topping $1 billion.
General and lottery revenues, meanwhile, were both down from the prior year.
Latest Comments
With all due respect to my friends and family in Ohio and Kentucky, ha ha. All those times you tell me how West Virginia's personal property tax is all wrong and our state business taxes are all wrong, well at least we aren't millions and millions (and in Ohio's case, billions) of dollars in the red. We have a surplus. Once again, West Virginia comes out on top.
Forget that 2 mil. The fence around the mansion will take care that. My thoughts are not what they ended with this year, but what will they end with next year. Forget any raises for a long time.
a "surplus" means the state collected too much money. The state doesn't produce wealth, it only consumes. So WV overcharged taxpayers for services.
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