General Fund

Politics
2:53 pm
Fri February 27, 2015

Kentucky State Senate Sets Debt Ceiling for Future Years

Credit Kittugwiki, Wikimedia Commons

A bill intended to reduce state debt over time is on its way to the Kentucky House. The Senate voted 28-8 Friday in favor of the measure, which limits general fund supported debt to six percent. 

Sponsor Joe Bowen says, taking into account courthouse construction borrowing, the Commonwealth's current debt ratio is eight percent. Somerset Senator Chris Girdler says attitudes about borrowing are troubling. 

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Government
2:33 pm
Fri May 10, 2013

Kentucky Reports Decline in General Fund Revenue

Credit iStock

Kentucky has huge declines in revenue from key tax sources despite a rebounding national economy. State Budget Director Jane Driskell released a monthly revenue report for April today showing corporate income tax revenue is down by nearly 90 percent.

Property tax collections fell 53.5 percent for the month. Cigarette tax revenue is down 22.2 percent. And collections from the all-important sales tax were off 7.3 percent. The two bright spots in the monthly report are a 5.5 percent increase in income tax revenue and an 18.6 percent rise in coal severance tax collections.

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