The finance committees in the House
of Delegates and state Senate passed their own versions of the budget bill
Tuesday and the committees differ on how much money to take out of the state’s
Rainy Day Fun to balance next fiscal year’s spending plan.
The House bill sticks with Gov.
Earl Ray Tomblin’s plan to take nearly $84 million from the fund but the Senate
version takes $125 million from Rainy Day.
The Rainy Day Fund currently has a
balance of $920 million and some fear taking too much out would hurt the state’s
bond rating. Senate Finance Committee Chairman Roman Prezioso told committee
members he believes they are okay for this year. He said what gives him the
most concern is having to go back into the fund next year.
“When we start getting in around
this amount and next year around 220 or 225 (million dollars) the bond rating
is going to be in jeopardy,” Prezioso predicted.
Next year may be the year for tax
increases according to the chairman.
“We may well be advised to look at
some revenue enhancements or restructuring our tax structures to come up with
some additional dollars,” he said. “I’m confident we’ll get through this year
but next year may be our toughest year.”
The Senate and House will pass
different versions of the budget bill and then iron out the differences in next
week’s extended legislative session.
