Earl Ray Tomblin on Budget & Economy

We will not impose financial burdens on future generations

My fellow West Virginians, make no mistake, the State of our State is strong. We pay our bills on time and we've invested in our future by continuing to work together as we face future challenges. We will not impose financial burdens on future generations. In fact, our reserve fund is one of the healthiest in the nation.

We did not get here by accident--we got here with planning, patience and foresight. Our Rainy Day fund has a savings of over $920 million and it has helped protect and improve the state's credit rating for over 20 years.

Deficit borrowing just kicks the can down the road

It all starts with our obligation to adopt a budget [which] is balanced, with no new taxes. This time last year, we predicted a deficit that totaled nearly $400 million. Staying true to the hallmark of our fiscal responsibility, my administration began the task of closing that shortfall. Unlike the federal government, we did not kick the can down the road by borrowing money or allowing deficits to mount. We told our agencies, almost a year ago, to do more with less. We challenged them to be smart, be efficient, and be prepared to cut their budgets. In tightening our belts, we realized that some of our programs and services should not face budget reductions.

2011 budget: balanced; no new taxes; no new fees

I am proud to present to you today a General Revenue Fund budget that is balanced.
• Not only is it balanced--but it contains no tax increases.
• It raises no fees.
• It furloughs no teachers or state employees.
• This budget neither cuts nor creates entitlement programs.
• It does not rely on any Rainy Day Funds.
• And, the budget I submit to you today, does not rely on any one-time stimulus funding from the Federal Government as a backfill to State operations.