Despite the end of the economic recession and a growth in state revenue, Kentucky’s budget will remain tight. Former Budget Director, now Cabinet Secretary Mary Lassiter will address a joint House and Senate budget committee Tuesday.
She is expected to say state programs and agencies should not expect cuts in recent years to be restored in the next State budget. Lassiter tells the Courier-Journal, “There’s no money for anything.”
Lassiter says any new revenue in the state budget passed in 2014 budget will be consumed by additional spending required for pensions, Medicaid, and replacing one-time funds being spent on recurring needs in the current budget. She declined to say if the tight long-term revenue outlook will also be the theme of the State of the Commonwealth address Gov. Steve Beshear is to deliver Wednesday night.
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.
Kentucky budget officials say they are paying close attention to revenue as the state budget sees a flat growth at the start of the fiscal year. Budget director Mary Lassiter says in her monthly briefing that August revenues ticked up, helping make up 2 percent of losses in July. But that leaves revenues flat, while forecasters had expected an almost 3 percent growth this year.
A report released by State Budget Director Mary Lassiter reveals that receipts from both the state's sales and income taxes declined in July. Lassiter says she still expects the state to meet projections of modest revenue growth over the remainder of the new fiscal year, despite declines in general fund revenue for three of the past four months.
Despite accounting mistakes and unforeseen disaster relief expenses, state government is closing the 2012 budget with another surplus. Originally, the budgetary surplus was $83 million. Now it's almost halved to $45 million.
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.
The Office of the Budget Director for the State of Kentucky says General Fund receipts were up significantly last month. State Budget Director Mary Lassiter says General Fund receipts grew 8.4 percent in March, compared to March of last year.
The Office of State Budget Director Mary Lassiter says General Fund Receipts in the bluegrass state increased 3.8 percent in February, compared to February of 2011. Total revenues topped 574 million dollars, compared to just under 553 million dollars for the same month last year.