State
Senate Finance Committee Chairman Roman Prezioso said Thursday plans to take
$125 million from the state’s Rainy Day Fund to balance next year’s state
budget would be reduced if the Lottery proceeds bill is approved.
Prezioso
told fellow senators before they voted on the Senate’s version of the budget
bill that the Lottery bill is still being worked on in his committee. The
measure, HB 4333, which has already passed the House, would redistribute
lottery proceeds that currently go to a number of areas including thoroughbred
and greyhound breeders. It’s proposed the breeders allocations would be cut by
double-digits.
Prezioso
said if the bill doesn’t pass by Saturday night’s regular session deadline, the
Senate plans to take the $125 million out of the Rainy Day Fund. Prezioso said
unfortunately it looks like the Rainy Day Fund will also have to be used in the
2015-2016 budget also.
“If
there are not any revenue enhancements (tax increases) and we have to continue
down the road with the Rainy Day Fund it will truly jeopardize our bond
ratings, which has severe implications not only for the state but for cities
and counties,” Prezioso said.
The
House of Delegates is scheduled to pass its own version of the budget bill
Friday. The House agrees with Gov. Earl Ray Tomblin and takes approximately $84
million from the Rainy Day Fund to balance next year’s budget.
The
House and Senate will get together in next week’s extended session to come up
with a compromise spending plan.
