WESTON, W.Va. -- Five years after the Internal Revenue Service seized funds from its bank accounts, the city of Weston is on its way to financial solvency.
City Manager Michelle Allen says the Lewis County community ended the fiscal year in June with a surplus of almost $180,000.
Allen tells The Exponent Telegram (http://bit.ly/17tEFPW) the city also has a rainy day fund with about $42,000 now.
It once had a budget deficit of $800,000, thanks to debts with the IRS, the state of West Virginia and the Public Employees Insurance Agency.
Weston still owes PEIA about $35,000, but Allen says its state and federal tax debts are paid. She aims to pay the PEIA debt by Dec. 31.
Business and occupation taxes generate some $600,000 a year for Weston. Property taxes produce $250,000.