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West Virginia - State Government Budget Forecast

West Virginia - State Government Budget Forecast. Presented by: Mike McKown, Director State Budget Office December 2009. Current National Notes The National Debt has soared past $12 Trillion. Federal funds replace sales taxes as the largest source of money for states.

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West Virginia - State Government Budget Forecast

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  1. West Virginia - State Government Budget Forecast Presented by: Mike McKown, Director State Budget OfficeDecember 2009

  2. Current National Notes • The National Debt has soared past $12 Trillion. • Federal funds replace sales taxes as the largest source of money for states. • National household income is projected to fall almost 9% over 2008 & 2009. • States’ revenue growth the next 5-10 years – 1/2 the average of the past 30 years. • In fiscal 2009, states reduced General Fund by 4.8%. 42 states made mid-year cuts. • In fiscal 2010, states reduced General Fund by 4.0%. 35 states below FY 2009 level. • FY2009 & FY2010 - First time that state spending has declined in back to back years. • Worst budget years for states are the 2 years after the national recession is over.

  3. State of West Virginia – Revenue Sources

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