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West Virginia $81M Below Expected Revenue; Cuts Could Follow
By: Associated Press
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CHARLESTON, W.Va. (AP) – More cuts could be on the way after West Virginia started the budget year with three straight months of revenues below what state officials predicted.
The Department of Revenue announced Tuesday that the state is $81.2 million behind revenue estimates and $15 million behind prior year revenues.
Department spokeswoman Lalena Price says Revenue Secretary Bob Kiss will make recommendations in the next several weeks, likely including a continued hiring freeze and some cuts, either across-the-board, targeted or some combination.
The September totals were $32.3 million below estimates, largely due to drops in personal income and corporate net income tax revenues.
Consumer sales tax and severance tax, which has fallen due to the declining coal industry and low natural gas prices, have been problematic in previous months, but exceed estimates this month.