CHARLESTON (AP) — A robust pension fund has West Virginia’s judicial system voluntarily seeking a $2.2 million budget cut.
Court officials told lawmakers Monday that they’re lowering their request for the upcoming budget year.
The spending plan for the fiscal year that begins July 1 includes nearly $125 million in general tax revenues for the state’s courts.
Most of the $2.2 million reflects a planned contribution to the state’s judicial retirement system. But officials cite healthy investment returns and other factors to report that the payment isn’t necessary.
The judicial pension fund ended the previous budget year with $124 million in assets. That’s nearly $29 million more than it needs to be 100 percent funded.
The Legislature is expected to craft a new state budget by mid-March.