Gloom Sitll Hangs Over KY Counties
Frankfort, KY – If, as many financial experts believe, a national economic recovery is getting underway, it seems to not have reached Kentucky. Revenue collections in the Commonwealth continue to spiral downward. Total state revenue collections for September were off almost 10%, falling from $804 million last September to $725 million this year. Tax receipts have declined for the last nine months, with weak collections in major sources ofrevenue - like sales and use taxes and income taxes - that support 75% of state government operations. State Budget Director Mary Lassiter says given recent trends, the likelihood of balancing the budget this fiscal year "is in question." The Consensus Forecasting Group - the panel of economic experts that advises the governor and legislative leaders - meets Monday to consider preliminary revenue estimates for the current fiscal year and the next biennium.