02 April 2010

W.Va. Budget Revenues Sink into Red

West Virginia saw the first signs of a projected $120 million general revenue deficit in March, when tax collections came in $58 million below estimate, The Associated Press reports.

The poor results more than eclipsed a $24 million excess balance, leaving general tax revenues $33 million in the red with just three months left in the budget year.

"State government's two key general revenue sources — personal income and sales and use taxes — reflect the weakened economy," the article said. "Accounting for nearly three-fourths of those revenues, each is down nearly $36 million for the year."

Manchin officials also note that "one bright spot remains severance taxes on extracted natural resources, mostly from coal. They were $6 million above estimate for March and up $85 million for the year."

1 comment:

clear eyes said...

Imagine how low they will sink now that Obama's bureaucrats have outlawed coal mining in the state!