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W.Va. Tax Collections Above Estimates For 9th Straight Month
By: Associated Press
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CHARLESTON, W.Va. (AP) – West Virginia revenue collections have surpassed tax estimates for nine consecutive months.
Gov. Jim Justice announced Tuesday that collections in December were $44.8 million above estimates. That pushes year-to-date collections to $186 million above estimates.
Justice has projected the surplus will grow to $300 million by the end of the fiscal year. State code mandates half of any surplus must go into the state’s rainy day fund. Justice also plans to give state teachers and other public employees a 5 percent pay raise this year while infusing $100 million into their insurance plan.
When Justice took office two years ago, state government was looking at a projected budget deficit of $500 million in the next fiscal year.
On Wednesday, the Legislature’s regular session begins and Justice will give his annual State of the State speech.