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W.Va. to See Slight Increase in Tobacco Payment
Posted: 11:35 AM May 31, 2012
The annual payment by major cigarette manufacturers to the state under a settlement agreement will increase slightly this year.
The Charleston Gazette (http://bit.ly/KLoSDC) reports the state Tobacco Settlement Finance Authority learned about the increase during its annual meeting Wednesday.
As of April 30, payments by cigarette makers had reached $63.7 million, compared with $62.4 million for the entire 2010-11 fiscal year.
Authority financial adviser Paul Creedon says a steep decline in smoking nationally leveled off in 2011 to a decline of 2.9 percent. He says the settlement agreement assumes a 3 percent annual decline in cigarette consumption nationally, so when the decline is less than 3 percent, the payment will be larger than projected.
In 2007, the state sold its rights to future payments to bondholders for $807 million.
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