Revenue Secretary Presents Governor’s Proposed Budget to House Finance
Secretary of Revenue Dave Hardy and Mike Cook, director of the State Budget Office, presented legislators with Gov. Jim Justice’s proposed budget in Monday’s House Finance Committee meeting.
The 2018 fiscal year ended with a General Revenue surplus of $36.1 million, with $18 million transferred to the Rainy Day fund.
The Medicaid program ended 2018 with a healthy cash balance in the state’s matching share. Fiscal year revenues for 2019 revenues are $185.9 million above estimate at the end of December 2018. The 2019 fiscal year lottery revenues are running about 16 percent ahead of estimates.
General revenue cash flow for the 2019 fiscal year is strong because of punctually for paying bills, Cook told legislators. The governor also recommended a 5 percent pay raise for all state employees. This amounts to $2,120 for teachers, $1,150 for service personnel, and $2,370 for other state employees. He also included the second year of increases for corrections employees.
The budget includes new money dedicated to Social Services, deferred maintenance, tourism, and substance programs as well.
Rainy Day funds are strong, Hardy said, with more than $718.6 million as of December 2018. No Rainy Day funds were used to balance the 2020 fiscal year budget.
