The budget bill (HB 101) passed by lawmakers during the recent special session of the WV Legislature June 2 is expected to be vetoed by Governor Earl Ray Tomblin. The bill calls for $182.6 million of the State’s “rainy day” reserve fund and $62.4 million in one-time sweeps from various accounts to close a $270 million shortfall in the 2016-17 state budget.
The Governor said he would agree to $80 to $90 million being taken from the rainy day fund, which currently stands at $800 million. The Governor’s office announced over the weekend it would veto the bill.
These one-time measures do nothing to address the $380 million shortfall in the 2018 budget, according to the Governor and tax and revenue officials. Tax revenues have fallen significantly because of decline in coal and gas severance taxes.