KY Will Sell State Property to Balance Budget
Frankfort, KY – Kentucky Governor Steve Beshear wants to sell state-owned planes, vehicles and other property to generate money for Kentucky's shrinking budget. Beshear says Wednesday that he and key members of his administration also will take 10 percent salary reductions this year, just as they did in 2009.
The economic recession has hit the state's general fund hard, leading to a projected $1.5 billion shortfall over the next two-year budget cycle. That's on top of $1 billion that has been cut from the current budget. Beshear says he opposes broad-based tax increases to generate more revenue, saying he fears that could drive the state farther into recession.