For the first time in a long time, there is better economic news coming out of the West Virginia State Capitol.
After the first quarter of this budget year, everything is in balance, and a lot of it has to do with the uptick in coal and natural gas production.
In fact, coal and gas severance taxes are up 47% compared to last year.
The corporate income tax is up by 31%.
While things can change, the budget is essentially in balance for now.
West Virginia Revenue Secretary, Dave Hardy, said, “So I would never say that things are perfect, because they’re not. Severance tax revenue is very volatile, and other revenue sources sometimes will give you a surprise. But as of right now – first quarter of 2018, first fiscal year quarter, we’re right on target.”
That should be good news to the governor and legislature, because in this time period the past two years, there had to be deep budget cuts across the state.
As of right now, no budget cuts are planned with the state on better financial ground.