Budget

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Illinois lawmakers were moved to compromise on a stopgap budget after a year-and-a-half stalemate by a powerful force: a high-stakes November election and a voting public one legislator described as near "revolt."

"Money" by Tax Credits, Flickr Commons, (CC BY 2.0)

Illinois Treasurer Mike Frerichs says the state loses $2.6 million a month in investment income because of the ongoing state budget impasse.  

Matt Markgraf, WKMS

Questions both 'practical' and 'philosophical' began Murray State's Quarterly Board of Regents meeting today, along with a tone of cautious optimism. In passing the budget for the 2016-17 fiscal year, university officials report being in a generally good financial position in terms of preparation for and managing state funding cuts. 

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Kentucky House and Senate conferees are beginning to work toward reaching agreement on a 21 billion dollar budget. In addition to decisions about funding for education, social services, and corrections, budget language will also be discussed.  

Kentucky Senate, courtesy Commonwealth of Kentucky

First it was Kentucky Gov. Matt Bevin, then it was the House, and now it’s the Senate’s turn to weigh in on how to spend the state’s money over the next two years.  

Senate President Robert Stivers says he wants his chamber to vote on a budget Tuesday or Wednesday. 

LRC Public Information

Kentucky House Republicans unveiled their budget proposal Tuesday. The house GOP strategy seeks to modify Governor Bevin’s suggested two-year spending plan. 

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Despite Governor Matt Bevin’s plans for wide ranging cuts to the state budget, expansion may be on the horizon for U.S. Highway 641 South in Calloway County. 

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A Jefferson County Public Schools teacher has filed a lawsuit against the Kentucky Teachers’ Retirement System over its lack of funding. Plaintiff and DuPont Manual High School teacher Randolph Wieck says the system that supports over 140,000 teachers in Kentucky is at least $20 billion dollars in debt.

“We have raced to the bottom and we’re neck and neck with the worst funded teachers plan in the country,” Wieck said.

Recent state revenue receipts show that Kentucky’s real income is falling short of projections and will lead to a multi-million dollar budget shortfall.

Lower-than-predicted coal severance taxes, property taxes, road fund receipts and more have the state facing a nearly $28 million shortfall by the end of the fiscal year.

Lance Dennee / WKMS

More revenue is allowing Paducah city officials to increase their budgets and consider some city updates.

Commissioner Carol Gault says this week’s budget workshop shows that the economy is slowly rebounding with a nearly four percent rise in revenue.

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