john chilton

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 Kentucky taxpayers could face a budget shortfall of more than $200 million. State economists issued their first planning estimates for the current fiscal year on Friday.

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A revenue shortfall during Kentucky’s recently completed fiscal year means the state will have to make more money over the next year in order to meet expectations, state budget officials say.

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Moody’s has downgraded Kentucky’s credit rating because of the low funding level of the state’s pension systems and lackluster revenue gleaned from taxes.

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Kentucky's state agencies will cut 1% from their budgets to help avoid a $113 million shortfall.

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A financial consultation company Monday presented a report to the Public Pension Oversight Board describing how Kentucky’s pension systems became the worst funded systems in the United States.

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State budget director John Chilton says Kentucky is on track to take in $113.2 million less than predicted by the time the fiscal year ends on June 30, meaning Gov. Matt Bevin might have to take emergency actions to balance the state budget.

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  Kentucky Budget Director John Chilton says the Commonwealth’s tax collections in July were up nearly 5 percent from a year ago.

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State budget officials say tax collections for Kentucky’s General Fund grew by nearly 4% in the past fiscal year, fueled by strong sales and individual income tax receipts.

Jacob Ryan-WFPL/Kentucky Public Radio

Gov. Matt Bevin’s top budget aide on Monday said spending cuts are necessary to start improving the status of the state’s ailing pension systems.

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Governor Matt Bevin’s proposed higher education cuts came under review during a house budget subcommittee meeting Thursday. 

The governor is suggesting trimming university budgets by nine percent over the next two years.