01 June 2010

After Cuts, Slight Surplus Expected for W.Va.

Despite revenues falling short of estimates for the fiscal year, West Virginia expects to collect more in general revenue taxes that it will spend because of midyear budget cuts, The Associated Press reports.

The cuts "reduced spending by more than necessary to keep the state budget balanced," the article said.

Deputy Revenue Secretary Mark Muchow tells AP that "a rebounding economy has helped the state avoid a more serious shortfall," and "has also prompted the administration to project revenues of $3.74 billion for the budget year that begins July 1," the article said. "That would represent the first year-to-year growth since 2008."

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