Budget Surplus Possible for Kentucky, Despite Economic Woes
A slowly recovering Kentucky economy has pushed tax revenues beyond what had been projected by a panel of economic experts over the past year. Budget Director Mary Lassiter said Tuesday the state's General Fund tax revenue for the fiscal year that ended June 30 was $83 million more than expected.
Despite the good news, the state still faces budget cuts in the coming year because of lingering financial woes from the economic recession.
Lassiter said she hasn't yet determined if the state ended the fiscal year with a budget surplus because all expenditures for the year haven't yet been accounted for. If there is a surplus, Lassiter said the money would be applied to necessary government expenses or deposited in the state's rainy day fund.