RECESSION WATCH: WV Lost Some Rainy Day Fund Bragging Rights

(01/16/2009)
West Virginia has lost some of its bragging rights when it comes to state government finances.

The global financial crisis helped weaken its emergency reserves by nearly $133 million.

West Virginia's county governments and boards of education has carefully watched bottom lines.

The state's so-called "rainy day fund" had equaled about 15 percent of the state's general revenue budget in June, one of the best savings rates in the country.

Officials briefed lawmakers on the fund Sunday and said the state Investment Management Board will soon discuss whether to keep fund assets in long-term securities.