Proposed Budget - Fiscal Year 2024
On January 11, West Virginia Governor Jim Justice released a budget for fiscal 2024 that proposes spending $37.92 billion in all funds, a decrease of 5.7 percent compared to fiscal 2023. The recommended budget calls for spending of $4.88 billion in general revenue funds, an increase of 5.35 percent over the fiscal 2023 enacted level of $4.64 billion. The general revenue fund estimate for fiscal 2024 is $4.88 billion, an increase of 5.35 percent over fiscal 2023. On December 31, 2022, the balance in the Rainy Day Fund was $425.9 million (7.6 percent of fiscal 2023 appropriations) and the balance in the Rainy Day Fund – Part B was $497.1 million (8.9 percent of fiscal 2023 appropriations); the Rainy Day Fund - Part B was established in 2006 with the cash balance of the state's Tobacco Settlement Medical Trust Fund. The fiscal year 2023 surplus is projected to be over $1.7 billion, which leaves room for other expenditures as the fiscal year progresses. From the general revenue fund recommended appropriations of $4.88 billion in fiscal 2024, the largest categories of spending are public education (44.5 percent), health and human resources (23.8 percent), homeland security (10.3 percent), higher education (9.3 percent), and judicial (3.2 percent).