Kentucky Governor Steve Beshear signed a budget reduction order Wednesday, announcing that there would be a $21 million dollar transfer from reserves bringing the state's rainy day fund to $77 million. Murray State Distinguished Professor of Economics Dr. Jim McCoy serves on the Kentucky Consensus Forecast Group. He puts in perspective the origins, anomalies, and implications of the Commonwealth's $91 million shortfall during Sounds Good.
Decisions about three and a half billion dollars in road and bridge projects across Kentucky will wait for another day.
Lawmakers from the House and Senate spent many hours negotiating over the weekend before finally reaching agreement on a two year state budget. But, consensus on a road plan remains on the 'to do' list.
State House and Senate leaders have agreed on the details of a $20.3 billion biennial state budget that largely preserves Gov. Steve Beshear's intention to restore funding for K-12 education. A final vote on the plan is expected late Monday night.
Work continues at the state capital to reach agreement on a two year budget, but it appears consensus is still not within reach.
Budget conferees gathered this morning around a large table, House members on one side and Senate members on the other. While considering many aspects of the two year spending plan, lawmakers have made few firm decisions.
Convention and Visitors Bureaus all over the Commonwealth are concerned about nine million dollars in potential cuts to tourism in the two year state spending bill, significantly affecting CVB advertising money statewide.
According to Erin Carrico, Executive Director of the Murray CVB, this advertising budget blow would severely disable the bureau’s ability to advertise locally, nationally, and internationally to
After much debate, the Kentucky House of Representatives passed its budget to fund state government for the next two years this week.
The $20.3 billion spending plan is nearly identical to one proposed by Gov. Steve Beshear, and it largely preserves funding for K through 12 education, which has been a stated priority of the governor.