Wed December 10, 2008
Gloomy Budget Reports
By Tony McVeigh
Frankfort, KY – State general fund receipts in November rose by almost six-percent over November 2007, but accounting for earlier property tax collections, the receipts were essentially flat. Receipts rose two-point-two percent in the first five months of the fiscal year, but a negative growth rate is expected for the remainder of fiscal 2009. Governor Beshear says fiscal 2010 could be even worse. "That's what all the experts seen to indicate and that's what every governor I talked to last week when I was with them also felt, that at least the first six months of the next fiscal year may well be worse than where we are right now," Beshear said.
With the state facing a projected 456-million dollar revenue shortfall this fiscal year, Governor Beshear is crafting a plan to fill the hole. He's not yet saying whether the plan will include any new revenue producers, like a cigarette tax hike.