Tag: Tax Revenue

Falling Tax Revenue Causes Deficit in Kanawha County

Officials say West Virginia’s most populated county faces a $600,000 deficit in part because it’s bringing in less personal property tax revenue.

Kanawha County Commission President Kent Carper tells the Charleston Gazette-Mail that the deficit likely won’t impact residents just yet. He says the commission will work to cut its budget and put a hold on raises for employees.

Allen Bleigh, chief tax deputy for the Kanawha County Commission, said the struggling coal industry is partially to blame for the county’s financial woes. Some coal companies have filed for bankruptcy and aren’t paying taxes they have in the past.

Officials warn that community projects might take a hit as the county attempts to preserve its funds for emergency services.

Fayette County Faces $450,000 Budget Shortfall

Fayette County officials say they’re facing a $450,000 budget shortfall next year as tax revenues decline.

The Register-Herald reports the decline in revenue is linked to a drop in coal value, industrial personal property value and business personal property value.

County Assessor Eddie Young says state officials estimate Fayette County will see a $20 million decrease in appraised coal value. Coal is appraised on reserve and actively mined coal.

The county expects a $60 million decrease in the assessed value for industrial personal property and about a $10 million decline in business personal property value.

W.Va. Revenue Collections Improve in August

  West Virginia’s revenue collections improved in August as several taxes beat estimates.

State figures released Wednesday show revenue collections topped $292 million in August. That’s up more than $16 million compared to August 2013.

Severance tax collections totaled $36.6 million and exceeded August estimates by about $4 million. Deputy Revenue Secretary Mark Muchow says a boom in natural gas production continues to offset coal production declines.

The state collected about $4.5 million in corporate net tax revenue, nearly 70 percent above estimates.

Overall, August tax collections missed estimates by about $1.3 million.

Marshall Co. Sees Jump in Oil, Gas Tax Revenue

Marshall County’s slice of the state oil and gas severance tax is growing.

County Administrator Betsy Frohnapfel tells The Intelligencer and Wheeling News-Register that the county’s severance tax revenue increased from $71,161 in fiscal 2011 to $429,810 in fiscal 2013.

Marshall County Chamber of Commerce executive director Dave Knuth says the county should use the revenue to help the state repair roads damaged by oil and gas industry truck traffic and a harsh winter.
 
Frohnapfel and County Commissioner Brian Schambach say the state is responsible for maintaining roads.
 
Shambach says he’s willing to serve as a liaison between the companies and residents concerned about the matter.
 

W.Va. Statehouse at Odds on Budget

The House of Delegates and Senate are at odds on how best to balance West Virginia’s budget.
 
Senate propositions to raise sales and cigarette taxes were dismissed by the House in a closed meeting Thursday.
 
Senate President Jeff Kessler said without bills to increase revenue, the Legislature will have to make more budget cuts or dip further into the state’s “rainy day” fund.
 
Gov. Earl Ray Tomblin’s 2015 executive budget already proposed using around $84 million of the $915 million fund. Kessler said without generating more revenue through taxes as much as 25 percent of the fund could be needed to balance the budget.
 
House Speaker Tim Miley said the hesitance for House Democrats to increase taxes has a lot to do with 2014 being an election year.

Charles Town Casino Copes with Md. Competition

As competition increases from Ohio, Pennsylvania and Maryland, West Virginia casinos are losing customers.
 
     And the lost revenue is poking a hole in the state’s tax base and budget.
 
     Nowhere is that better exemplified than at Charles Town. When they first opened, business boomed beyond expectations, and tax revenue flowed into the state’s coffers.
 
     West Virginia’s two panhandles were situated to draw out-of-state dollars – the Northern Panhandle drew gamblers from Pennsylvania and Ohio, while the Eastern Panhandle, where Charles Town is located, drew bettors from Maryland, Virginia and the D.C. region.
 
     Pennsylvania’s foray into casino gambling weakened the northern casinos in Wheeling and Mountaineer Park, but Charles Town continued for a number of years to keep its monopoly on the D.C. market.
 
     That changed when Maryland legalized casino gambling.
 
 

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