Governor Earl Ray Tomblin today joined Senate President Bill Cole, House Speaker Tim Armstead and representatives from the West Virginia Legislature to announce positive returns on the state’s investments and a proposed $44 million decrease in the Rainy Day Fund contribution for the 2016 fiscal year budget.
“For years, our long-term forecasts have indicated 2016 would be a tight budget year, and we’ve taken responsible steps to balance our budget, ensure we remain fiscally responsible and are good stewards of the taxpayers’ money,” Gov. Tomblin said. “Because of our unwavering commitment to pay down our unfunded liabilities and positive return rates, returns from our continued investments were better than anticipated and will save our state an additional $44 million. That will decrease the Rainy Day Fund contribution from $68 million to about $25 million.”
The fiscal year 2016 base budget presented to the Legislature by Tomblin last week is $39 million less compared to fiscal year 2015.
“The fiscally responsible policies we’ve enacted together continue to pay dividends and give us more flexibility to find ways to move our state forward,” Tomblin said. “Rating agencies approve of our long-term plan, have reaffirmed our positive ratings and have given us a stable outlook for the future; they recognize our savings are among the best in the country. I’m proud of our commitment to fiscal responsibility over the past two decades, and I look forward to working with the Legislature to continue the positive progress we’ve made.”
