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Mon October 12, 2009
Kentucky's Budget Deficit Grows
By Tony McVeigh
Frankfort, KY – Kentucky's projected budget deficit for the current fiscal year just got bigger. Governor Steve Beshear has been looking for ways to trim around 80-million dollars from the state budget this fiscal year, but now it looks like he may have to double that. The Consensus Forecasting Group, chaired by Larry Lynch, is predicting a deficit of almost 161-million dollars.
"Look at your sales tax receipts and income tax receipts. Withholding has been very bad. Nothing much has turned around. Nothing much has improved."
The panel of economic experts that advises the governor and legislative leaders is also predicting a shortfall of 195-million dollars in the next biennium. These are preliminary figures. The panel meets again in December to finalize its projections for the 2010 General Assembly.