CHARLESTON, W.Va. (March 15, 2016) – Gov. Earl Ray Tomblin today issued a statement following new revenue estimates for Fiscal Year 2017:
“The West Virginia Department of Revenue today provided the Legislature with updated estimates for Fiscal Year 2017. New estimates were lowered by about $240 million, which reflects $148 million in proposed tax increases that were not passed by the Legislature during the regular legislative session. It also reflects an additional $92.4 million reduction in estimates to account for the continued downturn in global energy markets, which is affecting West Virginia and several other energy-producing states. The new projected general revenue budget for Fiscal Year 2017 is $4.09 billion.
“Because these updated figures further complicate an already difficult budget process, legislators will stop work on the Fiscal Year 2017 budget today. I urge all 134 members of the Legislature to come to the table with a willingness to work with my administration to find a responsible solution to be considered later this spring. Together, we must agree to a responsible budget that takes these major changes into account while maintaining the critical services on which so many residents rely.”