At a joint press conference with Governor Jim Justice today, West Virginia State Treasurer John Perdue announced his office is transferring an additional $20 million to the state’s General Revenue Fund for Fiscal Year 2020.
“Thanks to a combination of conservative money management, efficient office practices, good interest rates, and successful legal settlements, I am pleased to announce my office will move a total of $20 million to the state’s General Revenue Fund to help with the current fiscal year budget,” Perdue said.
The Treasurer proposed the one-time transfers of $10 million from Unclaimed Property and $10 million from Banking Services to help close a current budget gap for FY2020.
“I am excited to be in a position to provide a boost to the General Revenue Fund mid-fiscal year, and I am hopeful it will be used to support some of our state’s most imminent needs,” said Perdue.
“What I love is the fact that this is a great example of two people, across the aisle from one another, really working together as West Virginians first and foremost,” said Governor Justice. “Treasurer Perdue has done a heck of a job and he’s a good man. We should all be proud of all the work he’s done and today is just the latest example.”
According to the Governor’s Office, year-to-date collections are $33.4 million below estimates due in part to a slump in energy prices and coal sales.
Today’s two transfers are in addition to an already budgeted $7 million transfer to General Revenue from the Unclaimed Property Fund, which will bring the total to $27 million transferred from the Treasurer’s Office to General Revenue in FY2020.