CHARLESTON, W.Va. — The current state budget is going to get a $20 million boost from revenues currently held by state Treasurer John Perdue.

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John Perdue

Perdue and Gov. Jim Justice announced the transfer of the money to the state’s general revenue fund at a Monday morning news conference at the state capitol.

Perdue said half of the money will come from his office’s Banking Services account because of some positive investment returns while the other $10 million from the Unclaimed Property Fund.

“We were able to get good interest rates from the Board of Treasury investments and from the legal settlements we’ve been able to accomplish in unclaimed property,” he said.

The transfer will help with the current budget year. The state was $33 million behind estimates in revenue collections for the fiscal year at the end of December.

Gov. Justice said the transfer will help stay away from possible cuts in the current fiscal year budget.

“Hopefully we’re not going have to cut anything whatsoever,” he said, claiming he’s been keeping a close eye on revenues since last July. “That’s what the business guy does, The business guy manages the store every day.”

Office of the Governor

Jim Justice

The current state budget already has $7 million from the Unclaimed Property Fund. Perdue said a total of $150 million has been returned to the general revenue fund over the last several years.

“We know that this is definitely needed in the general revenue fund to help not only maybe not to have those budget cuts down the road but also fund some of those important projects you mentioned in your State of the State Address,” Perdue told Justice.

Justice said the money transfer, which still has to be approved by state lawmakers, would not change the proposed state budget for next fiscal year that he forwarded to lawmakers last week.

Justice, a Republican, was quick to point out the bipartisanship nature of Monday’s announcement with Perdue, a Democrat..

“This is a great example of two people across the aisle from one another really working together,” Justice said.