CHARLESTON, WV (LOOTPRESS) – The Joint Finance Committee met Monday as part of the West Virginia Legislature June 2022 Interim sessions where they heard from a number of speakers on the economic status and projected progress of the Mountain State.
State Revenue Secretary Dave Hardy spoke during the session, revealing to the committee that the state is projected to close out the fiscal year (which will end on June 30) $1.2 billion ahead of estimates.
According to Hardy, West Virginia is currently already $73 million ahead of projections for the month of June, coming into the month having already collected $1.1 billion more in revenue than had originally been anticipated throughout the first 11 months of the fiscal year.
With nearly $800 million in surplus funding from the 2023 budget having already been earmarked by the legislature, roughly $400 million will remain for other purposes.
These funds are likely to be allocated during a special session over the summer.
Deputy Revenue Secretary Muchow also spoke at Monday’s meeting, explaining a significant rise in severance taxes as a result of the increasing prices of natural gas and coal. The committee was informed that collections for May 2022 were at $754 million.
Muchow also predicted during his presentation to the committee that the energy sector will remain strong, as demand has yet to wane.Â
The full 2022 June Interim Committee schedule can be found here, and more information on these sessions can be found at the West Virginia Legislature website here.Â
Additional coverage from LOOTPRESS of Monday’s legislative sessions can be found here.