Kentucky State Budget Director Mary Lassiter says General Fund receipts rose 3.7 percent in October. That means receipts have increased 2.5 percent over the first four months of the fiscal year and must continue to grow at 2.4 percent for the remainder of the year to meet official revenue estimates.
The Associated Press is reporting that coal stocks are dropping sharply today, on the expectation of tougher going for coal companies in a second term for President Obama. The AP reports that a series of environmental regulations proposed by the Obama administration could reduce the nation's use of coal.
Tennessee Governor Bill Haslam is meeting with state agencies to help prepare for possible budget cuts. After a series of meetings conducted on election day, Haslam will hear presentations today for transportation, children's services and other departments.
The Kentucky Supreme Court has opted to take up a challenge to Gov. Steve Beshear's decision to use excess funds from the state's charitable gaming department to balance the state budget. A group of nonprofits sued Beshear in 2008, saying the transfer of $700,000 in surplus funds from the charitable gaming regulatory account didn't pass constitutional muster.
A panel appointed by the governor to study tax reform in Kentucky has rejected a proposal to tax food at grocery stores. The idea was unpopular with the 17-member Blue Ribbon Commission of Tax Reform, which dismissed it as a burden on the poor. Consultants said a 6 percent tax could generate about $500 million each year.
Medal of Honor recipient Dakota Meyer of Kentucky is appearing at a job fair for veterans in Louisville this week. WAVE-TV reports the event will be from 9 a.m. to noon EDT Tuesday at the West Hall of the Kentucky Exposition Center. The U.S. Chamber of Commerce Hiring Our Heroes event is for veterans and military spouses.
A report released by a state commission says Tennessee needs $38 billion between now and 2015 to improve public infrastructure. Released by the Tennessee Advisory Commission on Intergovernmental Relations, the report shows what type of improvements are needed, from repairing roads and bridges to adding additional water lines and sewers.
For months, Kentucky lawmakers have been studying how to handle Kentucky's underfunded pension system. But the problems of the system have been occurring for longer than just a few months. Various proposals are on the table, but lawmakers may not have much time to come to a compromise.
Kentucky's General Fund Receipts increased by 5.3 percent last month, compared to September of last year. However, revenues for the first quarter still fell below the pace needed to meet the official estimate. Meanwhile, road funds declined 3.9 percent.