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Deskins to West Virginia legislators: Fluctuating natural gas prices affect budget surpluses, prices expected to fall

By David Beard, The Dominion Post

MORGANTOWN, W.Va. – One of the factors that helped sink Amendment 2, with its associated plan to reimburse counties for lost property taxes from state budget surpluses, is the certainty – cited regularly by opponents – that surpluses are uncertain.

Natural gas severance tax revenues played a significant role in Fiscal Year 2022’s $1.308 billion surplus and is still playing a role in this year’s – standing at $575 million at the end of October.

John Deskins, director of WVU’s Bureau of Business and Economic Research, gave legislators a look on Monday at the role severance taxes are playing and how their contribution could diminish before the fiscal year is over.

He addressed the Joint Committee on Natural Gas Development meeting at Cacapon State Park, where legislators were gathered for November interims…

To read more: https://www.dominionpost.com/2022/11/14/deskins-to-legislators-fluctuating-natural-gas-prices-affect-budget-surpluses-and-prices-expected-to-fall/

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