Coal industry has major impact on state budget
Coal production is down and that may drag down revenue growth this budget year. Tax collection numbers for September were released Monday and they show most categories at or just below estimates, and coal is the exception. State Deputy Revenue Secretary Mark Muchow says $21.2 million in severance tax revenue was collected last month and coal makes up part of that. He says that total is about $11 million below estimates for the month and 50 percent less than last year at this time. The downward trend in coal is having a dramatic impact on the entire revenue picture this budget year.