State Tax Revenues Fall Below Estimate
Written by Your 5News Team
Last updated on February 01, 2013 @ 7:45PM
Created on February 01, 2013 @ 6:50PM
CHARLESTON, W.Va. (AP) - West Virginia tax collections are again struggling, just as Gov. Earl Ray Tomblin prepares to propose a new state budget to the Legislature.
January's general tax revenues totaled more than $394 million, but were projected to exceed $406 million.
That means revenues so far this budget year have missed their mark by nearly $8 million. That's less than 1% of the $2.3 billion in general revenues collected to date. But officials now fear that revenues will be in the red when the budget year ends June 30.
Officials cite a weak energy sector, particularly coal, for the shortfall.
Tomblin has already warned of tough budgetary times ahead. He previously asked most state agencies to trim spending by 7.5%.
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