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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Earl Ray Tomblin
State Capitol Complex
Charleston, WV 25305-0370
Phone: (304) 558-2000
Fax: (304) 342-7025
Charles O. Lorensen, Secretary
Department of Revenue
Building 1, Room310-W, State Capitol Complex
Charleston, WV 25305
Phone (304) 558-0040
Fax (304) 558-1588
http://www.budget.wv.gov
budget@state.wv.us
2012 Legislative Calendar: Regular Session convenes January 11 and adjourned March 10.
Legislative Budget Leaders:
Delegate Harry Keith White (D), Chair, House Finance Committee, hkwhite@wvhouse.gov (304) 340-3230
Delegate Thomas W. Campbell (D), Vice-Chair, House Finance Committee, tcampbell@grcs.com (304) 340-3280
Delegate Bill Anderson (R), Minority Chair, House Finance Committee, bill.anderson@wvhouse.gov (304) 340-3168
Delegate Mitch Carmichael (R), Minority Vice-Chair, House Finance Committee, mitch.carmichael@wvhouse.gov (304) 340-3115
Sen. Roman Prezioso (R), Chair, Senate Finance Committee, roman.prezioso@wvsenate.gov (304) 357-7961
Sen. Douglas E. Facemire (D), Vice-Chair, Senate Finance Committee, douglas.facemire@wvsenate.gov (304) 357-7845
Delegate Rick Thompson (D), Co-Chair, Joint Interim Committee on Government and Finance, speaker.thompson@frontier.com (304) 340-3210
Sen. Jeffrey V. Kessler (D), Co-Chair, Joint Interim Committee on Government and Finance, jeff.kessler@wvsenate.gov (304) 357-7801
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
West Virginia is required to pass a "balanced budget." Article VI, Section 51 of the 1872 Constitution states the "legislature shall not amend the budget bill so as to create a deficit". Yet, the State's Budgetary Comparison Schedules indicate the budget ran deficits (negative net transactions) for the three years studied. West Virginia law forbids the carrying over of a deficit from one year to the next.
The State reports the following individual major governmental funds: the General Fund, Transportation, the West Virginia Infrastructure and Jobs Development Council, and the Tobacco Settlement Finance Authority (only FY2007). The State budgets four funds on the cash basis of accounting, but their relation to the four major governmental funds is unclear. The budgeted funds are: General Revenue Fund, Federal Revenue, State Road, and Special Revenue. All information necessary for analysis is present within the Budgetary Comparison Schedules and efficiently organized. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
Unions :
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HEADLINES: West Virginia
Proposed budget tops $4 billion, calls for food tax reduction
For the first time, the proposed state general revenue budget will top $4 billion in the 2011-12 budget year -- but does not impose any new tax increases.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
