EYEWITNESS LOCAL NEWSWV PROJECT FUNDING
from Eyewitness News Online
Tomblin Seeks Larger Reserves, Project Funding
Reported by: Associated Press
Web Producer: Heath Harrison
Reported: Feb. 15, 2013 5:39 PM EST
Updated: Feb. 15, 2013 5:50 PM EST
Charleston , Kanawha County , West Virginia
Gov. Earl Ray Tomblin wants to increase West Virginia's already robust emergency reserves.
The governor hopes to win over lawmakers by also pledging funding for basic road needs and special infrastructure projects.
The state now has a so-called Rainy Day fund with more than $565 million. That exceeds 13 percent of general revenue spending, making it one of the healthiest reserves among states.
Tomblin had legislation introduced Friday to increase the reserve's target to 15 percent of spending. It would also dedicate future surpluses to water, sewer and other projects. The State Road Fund would get half of those deposits.
The bill also earmarks interest from investing reserve funds for Medicaid. But a similar measure died last session, in a debate over whether recurring surpluses should instead trigger tax cuts.
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