WV Senate approves increase to emergency reserve fund levels - WOWK 13 Charleston, Huntington WV News, Weather, Sports

WV Senate approves increase to emergency reserve fund levels

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CHARLESTON, WV (AP) -

West Virginia would increase its already hefty emergency reserves through legislation from Gov. Earl Ray Tomblin the state Senate passed April 1.

The 33-1 vote sends the proposal to raise the target size of the Rainy Day fund to the House of Delegates. Sen. Bob Williams, D-Taylor, was the lone vote against the bill.

This main reserve deposits surplus funds until it equals 13 percent of general revenue spending. It's at that level now. This bill would boost its capacity to 15 percent.

The bill would send future surpluses to a new fund for road, water and sewer projects. It also dedicates certain reserve investment earnings to Medicaid. 

West Virginia has what is considered to be one of the strongest state reserves. But it isn't expecting a surplus this budget year. Revenues fell to $49 million behind last month.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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