West Virginia Higher Education Board of Governor’s Summit August 2013 Mike McKown State Budget Office 1.

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Presentation transcript:

West Virginia Higher Education Board of Governor’s Summit August 2013 Mike McKown State Budget Office 1

2 The West Virginia Fiscal Picture Little or No Revenue Growth in FY 2014 Coal Mining in decline; Will Gas pick up slack? Foreign Exports key to growth – Declining in 2013 Baby Boomers now becoming senior citizens Transfer Payments growing Teacher Retirement System: Only 20 More Years Funding with 10%+ of Total General Revenue Workers’ Compensation Solvent by CY2016? Federal Health Care & Medicaid

3 National Fiscal Concerns Major U.S. Cities Pension Funds Stressed Detroit in Bankruptcy, Chicago downgraded due to $19 Billion unfunded pension debt Illinois - just 5 years from exhausting its pension fund. (Unfunded liabilities at $96 Billion and climbing) Nationwide Public Retirement Systems – The number of retirees is growing 5 times faster than the number of working members. Federal Government accumulates over $1.75 Billion of new debt every day. Estimated FY13 Federal government expenditures $3.455 Trillion Estimated FY13 Federal government receipts $2.813 Trillion Estimated FY13 Federal government deficit $0.642 Trillion Future deficits are still predicted to be $630 Billion per year even with current budget adjustments Medicare, Medicaid & Social Security make up 62% of Federal spending Federal Government's accumulated debt continues to grow - $16.7 TRILLION. (debt per citizen $53,000, debt per taxpayer $148,000) US Debt Ceiling is $16.7 Trillion - another budget battle looming this Fall US GDP as of June 2013 = $16.5 Trillion

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15 State of West Virginia General & Lottery Appropriations % of DepartmentFY 2009totalFY 2014total Public Education 1,918,411, % 2,075,009, % Health & Human Resources $ 862,091, % $ 982,565, % Higher Education 483,015, % 483,031, % All Others 1,073,107, % 960,888, % Total $ 4,336,625,661 $ 4,501,496,583

16 State Of West Virginia General & Lottery Revenues (in millions $) FY 09FY 10FY 11FY 12FY 13FY 14FY 15FY 16FY 17FY 18 GeneralActual BudgetEstimate Personal Income Tax1,5581,4471,5931,6891,7461,7671,8721,9802,1442,241 Sales / Use Tax1,1101,0961,1481,2161,1931,2041,2311,2561,3041,360 Corporate Net Income Severance Tax All Others total3,9023,7584,0644,1034,1044,1364,2704,4104,6214,754 % change-3.7%8.1%1.0%0.0%0.8%3.2%3.3%4.8%2.9% Lottery Racetrack Video Limited Video Traditional Games Table Games total % change-7.7%-1.1%18.7%-18.8%-15.8%-0.5%0.0%

17 Rainy Day Funds Balances As of June 30 % of Rainy Day Gen Rev Part APart BTotalApprops 1995 $ 20,564, ,706, ,370, ,562, ,580, ,218, ,085, ,178, ,750, ,574, ,302, % ,153,400 $ 234,897, ,051, % ,075, ,869, ,944, % ,801, ,275, ,076, % ,619, ,006, ,625, % ,949, ,073, ,022, % ,320, ,806, ,127, % ,689, ,698, ,388, % ,992, ,472, ,465, % Today 552,195, ,811, ,006, %

18 General & Lottery Funds FY 2015 Summary of Requested 7.5% Budget Cuts (in $s) BeginningExcluded Basefrom DepartmentBudget7.5% cut Legislative24,742,872 0 Judicial121,511,992 0 Executive44,348,62903,326,147 Administrative81,580,11855,524,3811,954,180 Commerce76,737,30918,067,1254,400,264 Public Education2,109,458,8771,995,102,6968,576,714 Education & The Arts51,179,44014,171,7782,775,575 Environmental Protection7,739, ,488 Health & Human Services1,085,999,074920,542,39912,409,251 Military Affairs & Public Safety365,876,222217,641,49211,117,605 Revenue39,796,93912,000,0002,084,770 Transportation6,717, ,837 Veterans' Assistance11,321,6946,836,188336,413 Senior Services63,049,49640,736,4581,673,478 Higher Education482,429,96949,000,00032,507,248 Miscellaneous Boards66,400,000 0 Total4,638,890,2933,542,277,38182,245,968

19 Six Year Financial Plan Through FY 2018 General & Lottery Revenues (In Thousands $) (as of 8/9/2013) DRAFT ActualBudgetedProjected Estimated Revenue General Revenue$4,104,138$4,136,001$4,270,201$4,410,171$4,620,600$4,754,050 General Revenue - Surplus from previous FY214, Lottery177,308136,982127,955127,956 Lottery - Surplus from previous FY(4,491)35, Excess Lottery202,988163,922170,949 Excess Lottery - Surplus from previous FY(5,023)96, Total Available$4,689,685$4,568,930$4,569,105$4,709,076$4,919,505$5,052,955 Estimated Expenditures Base Budget$4,520,291$4,638,891$4,852,509$4,932,979$5,072,373 Expenditure Growth: Retirement Systems538,25038,9232,000 Medicaid426,063149,69599,21336,05849,68656,862 PEIA338,424(3,647)21,00028,00024,00017,000 Salary Enhancements0650,575051,0000 Public Education1,412,901(11,321) Higher Education486,882(26,719)5000(3,000)0 All Other1,317,771(28,337)40,27513,90015,13513,000 Total Ongoing Base Budget$4,520,291$4,638,891$4,852,509$4,932,979$5,072,373$5,161,987 One Time Expenditures & Adjustments135,516(48,931)24,58035,0005,000 Estimated Balance (Gaps)$33,878($21,030)($307,984)($258,903)($157,868)($114,032) Note: This six-year financial plan is a tool for analyzing future budgets and any gaps must be balanced.