Post by Logan on Apr 24, 2016 9:38:24 GMT -6
Another $100 million may be needed to fill West Virginia budget hole for current fiscal year
CHARLESTON, W.Va. — It may take an additional $100 million, possibly more, to balance West Virginia’s current budget before the close of the 2016 Fiscal Year on June 30, though state Revenue Secretary Bob Kiss is not confirming exact numbers at this point.
Previously, state lawmakers were told roughly $354 million in extra funding would be needed because of lower than projected revenue collections dating back to the start of the fiscal year last July.
On Friday’s MetroNews “Talkline,” Kiss indicated that number was getting larger. “It’s going to be a significant” amount more, he conceded.
In a year when severance tax collections tied to energy have dragged down the budget, there were indications the biggest projection problem areas in April will most likely be in income tax collections, including nonresident withholdings for gas workers from outside of West Virginia.
Read more: www.register-herald.com/news/another-million-may-be-needed-to-fill-state-budget-hole/article_8a7d64a1-aaa9-5ccb-b447-d9d73135e0ee.html
CHARLESTON, W.Va. — It may take an additional $100 million, possibly more, to balance West Virginia’s current budget before the close of the 2016 Fiscal Year on June 30, though state Revenue Secretary Bob Kiss is not confirming exact numbers at this point.
Previously, state lawmakers were told roughly $354 million in extra funding would be needed because of lower than projected revenue collections dating back to the start of the fiscal year last July.
On Friday’s MetroNews “Talkline,” Kiss indicated that number was getting larger. “It’s going to be a significant” amount more, he conceded.
In a year when severance tax collections tied to energy have dragged down the budget, there were indications the biggest projection problem areas in April will most likely be in income tax collections, including nonresident withholdings for gas workers from outside of West Virginia.
Read more: www.register-herald.com/news/another-million-may-be-needed-to-fill-state-budget-hole/article_8a7d64a1-aaa9-5ccb-b447-d9d73135e0ee.html