May boosts WV budget surplus, but shy of $100M for FY - Beckley, Bluefield & Lewisburg News, Weather, Sports

May boosts WV budget surplus, but shy of $100M for FY

Posted: Updated:

  • Saturday, May 25 2013 7:47 PM EDT2013-05-25 23:47:22 GMT
    One man died and another is behind bars Saturday after a son shoots and kills his father at their Overlook Drive home in Stanaford.Raleigh County Sheriff's Deputies said 23-year-old Donald Gray Dunn, Jr.
    One man died and another is behind bars Saturday after a son shoots and kills his father at their Overlook Drive home in Stanaford.Raleigh County Sheriff's Deputies said 23-year-old Donald Gray Dunn, Jr.

LAWRENCE MESSINA, Associated Press

CHARLESTON (AP) — West Virginia state tax revenues rebounded in May but not by enough to ensure a hoped-for surplus of at least $100 million for the fiscal year.

General revenues for the month topped $328 million. That's $12 million above the May forecast.

West Virginia now has $59 million more than expected this budget year. But the year ends June 30, and officials were hoping for a $100 million surplus.

The next budget is counting on $65 million from the surplus to fund Medicaid properly.

Officials say the revenues figures show that West Virginia's economy continues to grow. But they also reflect a decline in the key energy sector.

Revenues from coal and natural gas beat their projection last month, but they are down when compared to last year. Officials expect that to worsen next year.

Copyright 2012 The Associated Press