01 March 2010

February Falls Short for State Budget Revenues

West Virginia is still ahead for the budget year, but missed its February goal of collecting $229 million in general tax revenues, The Associated Press reports.

Preliminary figures show collections fell short by at least $30 million. The recession continues to hamper revenues from sales and personal income, two key sources for the state budget.

"Severance taxes, on such extracted natural resources as coal, continue to beat expectations but not by enough to offset those shortcomings," the article said.

AP also reports that "Manchin administration officials say they expected a rough February, citing the same timing issues that boosted January's revenues. They also continue to warn that the budget year will end June 30 around $200 million shy of the $3.7 billion forecast."

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