Larger Kentucky budget shortfall projected
Business First of Louisville
Kentucky Gov. Steve Beshear said the state’s Consensus Forecasting Group issued new projections today that estimate a revenue shortfall of more than $450 million for the fiscal year ending in June.
A news release from Beshear’s office said the projections “confirm that a crisis is looming that will require not only extensive spending cuts but also a bipartisan resolve to work together to meet the challenges ahead.”
An internal projection nearly a month ago estimated a $294 million shortfall in General Fund revenues, a 3.3 percent decline from the original budget estimate.
The revised estimate of $456.1 million, which includes an additional month of economic data, represents a 5.1 percent decline in revenue from the original budget. Beshear had requested the updated estimate.
“This financial crisis is neither imagined nor exaggerated,” he said in the release. “It’s real, and it must be addressed. … Make no mistake, only tough choices lie ahead.”
Beshear said he would form a plan to address the shortfall by early December and then meet with legislators and other people across the state for input.
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