W.Va. tax revenues limping to budget year's end
W.Va. tax revenues expected to end budget year in red; officials place hope in mid-year cuts
CHARLESTON, W.Va. (AP) -- Officials say West Virginia will almost certainly end its budget year in the red. But they've also taken steps to avoid a deficit.
General tax collections faltered again in May. They totaled $322 million, falling short by more than $25 million.
The budget year ends June 30. So far, revenues are $21 million or 0.5 percent below estimate. A slump in coal production has played a major role.
This month's target is $366 million. But officials say June revenues can miss their mark by up to $7 million and still keep the $4.1 billion general revenue budget balanced.
The Legislature agreed in April to cut ongoing spending by $28 million, at Gov. Earl Ray Tomblin's request. The state also exhausted $45 million in reserves to pay income tax refunds.