WVa Ends Tough Budget Year On Hopeful Fiscal Notes

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- West Virginia ended its budget year with a trio of positive signs for the state government's finances. But the recession and other factors overshadow each of these fiscal indicators.

Officials estimate that general tax revenues wrapped up the year Tuesday with a surplus of around $2.5 million.

The lottery was also on track to meet or slightly exceed estimated annual sales of $1.4 billion.

And investments continue to rebound from the wall street meltdown.

They have posted gains for at least three consecutive months.

But the state's portfolio still missed the target return rate of 7.5 percent. It instead showed losses for the year topping $1 billion.

General and lottery revenues, meanwhile, were both down from the prior year.

(Copyright 2009 by the Associated Press. All rights reserved.)

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