West Virginia Revenue Secretary Warns Of $100 Million In Budget Cuts
West Virginia’s secretary of revenue is warning of potential budget cuts over the next few years.
In a news release, Secretary Dave Hardy said Gov. Jim Justice asked him to prepare for up to $100 million in cuts to the budget in the current and upcoming fiscal year.
Three months into the current fiscal year, state revenue collections are down $30 million from year-to-date estimates.
Hardy has said the volatility of severance taxes from coal and natural gas has played a role in lower than expected revenue collections.
No specific amounts have been set, but Hardy said if revenues improve, some of the cuts that are made would be restored.
Hardy said his office has held 21 budget hearings with state agencies over the last two months. Revenue officials asked agencies to identify potential areas for budget cuts in the event the cuts are necessary.