6 months into fiscal year, W.Va. up nearly $75M
CHARLESTON, W.Va. (AP) — West Virginia remains the envy of most of the rest of the country when it comes to state budget revenues: It ended the first half of its budget year last month with a potential surplus of nearly $75 million.
With all but perhaps 11 states threatened with budget deficits this year that total $32 billion and counting, coal continues to help yield higher-than-expected general tax revenues for the Mountain State.
General revenue neared $370 million in December, $2.2 million more than expected. That brought revenues for the first six months of the fiscal year to $1.92 billion, nearly $75 million ahead of estimates. The year ends June 30.
The severance tax on coal and other natural resources is a big reason for the ample revenues. The state is also seeing stronger than projected personal income tax collections.
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Terry M.



