CHARLESTON, W.Va. — Due in part to Governor Morrisey’s fiscally prudent practices, the State of West Virginia closed Fiscal Year 2025 books with a total year-end surplus of $338.5 million.
This year-end surplus reflects a General Revenue Fund revenue collection surplus of $254.8 million, $49.2 million in prior year surpluses and unappropriated balances, and year-end General Revenue Fund appropriation expirations of $34.2 million — an expiration amount far in excess of what the State has averaged over the last 16 years, and a direct result of Governor Morrisey’s responsible fiscal management of state government.
The larger surplus can also be attributed to the more than $110 million in expenditures the Governor vetoed from the Fiscal Year 2026 budget to ensure the State retained sufficient reserves to address any fiscal challenges.
A large percentage of the surplus has already been obligated. For example, $100 million for secondary road maintenance was obligated when the legislature passed this provision and the Governor allowed it into law.
“The difficult decisions I made when I proposed a fiscally conservative 2026 budget, the vetoes I executed in the final 2026 budget bill, and the direction I gave my Cabinet on Day 1 to find efficiencies within their departments have helped produce the results we see today,” said Governor Morrisey. “I am pleased that the decisions we’ve made these past six months are allowing the State to start the new Fiscal Year in such a strong financial position.
In releasing the positive year-end numbers, Morrisey noted the State still faced significant future financial challenges in Fiscal Year 2027— including spiraling PEIA costs (estimated to be $35 million in additional costs); higher statutorily-required funding for Hope and other programs (up to $200 million in additional funding); and additional potential costs coming from legislation out of Washington, D.C.
“The good news is that our early decisions have positioned West Virginia to face those challenges head on,” Morrisey added. “We will be ready for what’s ahead and once we get our fiscal house in order for the next few years, we will be looking for new tax cuts to help our state better compete with other states that we touch.”
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WV Ends Fiscal Year 2024 with Surplus of $338.5
