Today’s report highlighting a surplus of $338.5 million is consistent with what was predicted upon Justice’s departure from the Governor’s office
WASHINGTON – Today, Senator Jim Justice released a statement highlighting the surplus reported by the State of West Virginia:
“It ain’t bragging if you’re right, and I’ve said it time and time again: our state was left in spectacular financial shape upon my departure from the Governor’s office – this surplus proves it. Many critics, perhaps blinded by ambition or simply saying there is a problem in order to fix it, are now waking up to the realization that I was correct from the beginning – better late than never! A rainy-day fund of $1.4 billion, $460 million in an income tax reserve that we created from scratch, and a remaining balance of over $300 million in the economic development fund to drive jobs and business into the state is the near definition of fiscal responsibility – which makes these proudly touted vetoes by current leadership in the state on issues such as opioid addiction in infants, highway funding, support for our veterans, and public education all the more concerning. In tandem and after years of hard work, it does the state wrong to incorrectly poormouth our financial situation as it may cause new businesses to reconsider calling West Virginia home, and in turn deprive our families of much needed jobs. A $788 million swing from deficit to surplus does not change overnight unless it was intentionally set to lower expectations, so I am happy those who doubted are now seeing the numbers for what they truly are. I hope those same critics intend to continue my legacy and commitment to fiscal responsibility,” said Senator Jim Justice.
BACKGROUND:
- Recent projections by the current administration have determined the state of West Virginia is set to enjoy a surplus of $338.5 million, which is in line with what was said by Senator Justice upon his departure from the Governor’s office.
- This surplus represents a strong trend of fiscal resiliency by the state on top of a rainy-day fund of over $1.4 billion and an income tax reserve created by Justice of $460 million as calculated upon Justice’s departure from the Governorship.
- Senator Justice as Governor created unprecedented growth throughout the state while cutting taxes and maintaining a healthy state balance sheet.
- The healthy state balance sheet has provided for the explosion in tourism, road construction and maintenance throughout the state, and large new industries calling West Virginia home.
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