Budget Reserve Trust Fund

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State Budget Director Jane Driskell announced Friday that Kentucky closed the 2012-2013 fiscal year with a General Fund surplus of $70.6 million.

Officials attribute the surplus to slowed spending by cash-strapped state agencies, as well as a small bump in General Fund revenues. Driskell warns, however, that the fiscal year that just began July 1 extends the budget cuts that were in place last year, and state agencies will continue the challenges of delivering services with fewer dollars and higher costs.