CHARLESTON (AP) — West Virginia has ended its budget year with a surplus considered healthy enough for Medicaid and other needs.
Scheduled tax cuts also remain on track. General tax revenues in June topped $365 million. That gave West Virginia $4.1 billion for the budget year, or $87 million more than expected.
Once state agencies return money left unspent from the year, officials believe the surplus will exceed $90 million.
Around $24 million of that will fully fund the state’s main emergency reserve. For Medicaid, officials say $65 million will ensure a balanced program budget and reserves for the 2014 budget year.
The general revenue collections show that both personal income and sales tax revenues beat their estimates and exceeded what they brought in during the prior year. That reflects improved economic activity.