West Virginia set a record with $184.9 million in budget surplus in the 2018 fiscal year and revenue projections are projected to increase by 2.05 percent in the upcoming fiscal year, Revenue Secretary Dave Hardy told legislators Thursday.
In Thursday’s meeting of the Senate Judiciary Committee, Hardy and Mike Cook, director of the State Budget Office, presented updated revenue projections.
Hardy forecasted the 2019-2020 revenue projection to increase by 2.05 percent.
“That’s a very conservative revenue estimate,” Hardy said. “It’s a good revenue estimate. Even though times are good, we’re not trying to go out there and overestimate next year’s revenue.”
Hardy said the state set a record with $184.9 million budget surplus in 2018 which can now be used throughout the state.
“It’s great for everyone,” Hardy said. “The administration and the Legislature now has some money to work with.”
Hardy also addressed the committee about issues discovered in October surrounding the Louis A. Johnson Veterans Affairs Medical Center. Hardy said the Department of Revenue purposed a supplemental one-time infusion of funds to get the VA hospital “back on its feet.”
Cook addressed the committee with a six-year plan and said that the 2019 general revenue is $185.9 million above the estimate established in Dec. of 2018.
Cook said that because of an increase in general revenue, the state now has one of the best Rainy-Day Funds in the country.
The committee also introduced the following bills and motioned to report them to the full Senate:
- Senate Bill 24, relating to local boards of health.
- Senate Bill 28, removing hotel occupancy tax limit collected for medical care and emergency services.
- Senate Bill 36, allowing adjustment of gross income for calculating personal income liability for certain retirees.
- Senate Bill 106, alleviating double taxation on foreign income at state level.
- Senate Bill 10, relating to Second Chance Driver’s License Program.
- Senate Bill 27, removing restrictions on where certain traditional lottery games may be played.
Senate Bill 13, which changes the distribution of racetrack video lottery net terminal income, excess net terminal income, and excess lottery fund, was laid over.
