StatE oF WEst viRginia

State of West Virginia

Executive Budget: Volume I Budget Report Fiscal Year 2022

Jim Justice Governor

February 10, 2021

To the Members of the 85th Legislature of the State of West Virginia:

In accordance with the Constitution of the State of West Virginia, presented herewith is the Executive Budget document for the fiscal year ending June 30, 2022. It details a complete plan for proposed expenditures and estimated revenues for the fiscal year. The document includes statements of the following:

1)

Bonded Indebtedness of the State of West Virginia;

2)

Cash and investment balances of all funds of the State of West Virginia;

3)

Revenues for all funds of the State of West Virginia; and

4)

Revenues, expenditures, and changes in fund balances for Fiscal Year 2022.

The budget presented is a balanced budget with a maximum spending level for the General Revenue Fund of $4,569,616,000; for the Lottery Fund of $125,433,000; for the State Excess Lottery Revenue Fund of $290,257,000; for the State Road Fund of $1,426,689,865; for Appropriated Special Revenue funds of $1,502,095,000; for Appropriated Federal funds of $6,616,682,000; for Nonappropriated Federal funds of $1,385,183,000; and for Nonappropriated Special Revenue funds of $15,401,423,000, for a grand total of $31,319,536,000

I look forward to working with the 85th Legislature of the State of West Virginia to meet the continuing challenges and opportunities so together we can move West Virginia forward in a rapidly changing international economy.

Yours in service,

Jim Justice Governor

State of West Virginia -- FY 2022 Executive Budget/Volume I Budget Report

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FY 2022 Executive Budget Report

Table of Contents

Governor's Transmittal Letter...................................................................................................... i Table of Contents.....................................................................................................................ii GFOA Distinguished Budget Presentation Award...............................................................................iii State Budget Office Staff.......................................................................................................... iv Reader's Guide to the Executive Budget.......................................................................................... v State of West Virginia Organizational Chart.................................................................................... vi

SUMMARY FINANCIAL STATEMENTS Financial Statements.......................................................................................................... 1 Where the State Dollar Comes From.............................................................................................. 2 Where the State Dollar Goes....................................................................................................... 3 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances for All Funds........................ 4 Cash and Investment Balances of All Funds.................................................................................... 10 Detailed Investments Special Revenue.......................................................................................... 11 General Revenue Fund/Statement of Revenues by Source.................................................................. 12 General Revenue Fund/Statement of Revenues, Expenditures and Changes in Cash Balance......................... 13 General Revenue Fund/Overview by Functional Category................................................................... 14 General Revenue Fund/Surplus Recommended Supplemental Appropriations........................................... 22 Lottery Fund/Statement of Revenues, Expenditures, and Changes in Cash Balance.................................... 23 Lottery Fund/Overview by Functional Category............................................................................... 24 Excess Lottery Fund/Overview by Functional Category...................................................................... 26 Excess Lottery Fund/Statement of Revenues, Expenditures, and Changes in Cash Balance........................... 28 State Road Fund/Statement of Revenues by Source.......................................................................... 29 State Road Fund/Statement of Revenues, Expenditures, and Changes in Cash Balance................................ 30 Summary of Primary Government Long-Term Debt........................................................................... 31 Major Reserve/Stabilization Accounts.......................................................................................... 32

BUDGET PLANNING Long-Range Issues.............................................................................................................36 Budget Overview..............................................................................................................43 Human Resources.............................................................................................................53

REVENUE SOURCES Revenue Sources..............................................................................................................64 General Revenue Fund.......................................................................................................71 State Road Fund...............................................................................................................79 West Virginia Lottery.........................................................................................................85 Federal Funds..................................................................................................................87 Special Revenue Funds.......................................................................................................88

DEBT SUMMARY Debt Summary.................................................................................................................90

ECONOMIC FORECAST Executive Summary......................................................................................................... 102

APPENDICES Glossary....................................................................................................................... 106 Glossary of Acronyms....................................................................................................... 111

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State of West Virginia -- FY 2022 Executive Budget/Volume I Budget Report

GOVERNMENT FINANCE OFFICERS ASSOCIATION

Distinguished Budget Presentation

Award

PRESENTED TO

State of West Virginia

For the Fiscal Year Beginning

July 1, 2020

Executive Director

The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to the State of West Virginia for its annual budget for the fiscal year beginning July 1, 2020.

In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device.

The award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award.

State of West Virginia -- FY 2022 Executive Budget/Volume I Budget Report

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