kentucky budget

Business
2:50 pm
Thu July 17, 2014

Kentucky's $91 Million Shortfall Explained

Credit Seifler, Wikimedia Commons

Update: Beshear Cuts Budget to Balance $90.9-Million Kentucky Budget Shortfall

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.

Read more
Government
6:02 am
Fri July 11, 2014

Kentucky Revenue Shortfall Nears $91 Million

Credit Wikimedia Commons

Kentucky’s general fund is short $91 million, and one of the driving factors is a decline in a form of income primarily used by the nation’s wealthiest individuals.

In 2012, U.S. Congress was preparing to take the country over the “fiscal cliff” over rising debt, rising healthcare costs and spending on the wars in Iraq and Afghanistan. To reduce the deficit, President Obama proposed raising the federal capital gains tax, which largely impacted the nation's wealthiest, prompting a massive sell-off by 2013.

Read more
Government
6:50 am
Wed January 22, 2014

Kentucky Gov. Steve Beshear Budget Preserves K-12 Education, 5% Cuts For Most Agencies

Credit flickr

Making good on his pledge to reinvest in K-12 education, Kentucky Gov. Steve Beshear's biennial budget would restore public education funding to 2008 levels, with a pledge of $189 million in a budget greater than $20 billion.

But Beshear said his budget was was made possible in large part by a 5% cut across many state agencies.

Read more
Education
4:33 pm
Fri November 15, 2013

Ky. Council on Postsecondary Education Angling for More State Funding

CPE President Dr. Robert King

Kentucky’s Council on Postsecondary Education is making a run at more funding for state colleges and universities.

The CPE will ask the legislature for 4.9  and 5.3 percent increases respectively for the upcoming two-year budget cycle. The request comes as higher education state funding has dropped by nearly a third since 2008.

Read more
State Budget
1:08 pm
Mon August 26, 2013

Kentucky Senators Expect 2014 Budget To Be A Difficult One

FRANKFORT— Senate President Robert Stivers, R-Manchester (left), confers with Senate Democratic Floor Leader R.J. Palmer, D-Winchester, prior to the start of the day's legislative session in the Kentucky Senate.
Credit Kentucky LRC

In just over four months lawmakers will be back in Frankfort for a full 60 day session.  This winter, legislators must approve a new two year budget.  While the state finished last year with a budget surplus, Senate Appropriations and Revenue Committee Chair Bob Leeper doesn’t anticipate any big increase in state revenue.  So, Leeper says building a budget will remain difficult.

“There’s so many factors that are affecting us, what’s happening in the eastern Kentucky coal fields, loss of jobs there, loss of income for people to go out and buy goods.  There’s any number of issues going on worldwide, nationwide that we can’t control,” said Leeper.

House Budget Committee Chair Rick Rand sounds a similar tone.  He said the growth predicted by state experts is not as “robust” as they had hoped.

Read more
Government
4:50 pm
Wed July 10, 2013

General Fund Revenue Up 3rd Straight Year in Ky.

Kentucky has ended the third consecutive fiscal year with General Fund revenue growth — continued good news for a state that had seen tax collections plummet during the economic recession.

Budget Director Jane Driskell said collections were up 2.8 percent to more than $9.3 billion for the 12-month period that ended June 30.

Read more
Government
2:33 pm
Mon March 11, 2013

KY General Fund Revenue Declines in February

Kentucky’s General Fund revenue saw a sharp decline last month. Budget Director Jane Driskell says collections fell 5.2%, costing the state nearly $30 million. Coal severance tax revenue had the largest loss, with 24. 5%. Both individual income tax and cigarette tax revenue dropped about 14%. Driskell says 41% increases in corporate income tax and property tax collections failed to offset the losses.

Morning Cram
9:17 am
Fri March 23, 2012

the morning cram [I see we meet again edition]

woodstockhistory.com

There's a party in Washington, and everyone (outside of your deity, or deities of choice) is invited.

NPR reports the "Reason Rally" is being billed by some as a Woodstock for atheists, where as many as 30,000 are expected to gather and take heart in their stance. 

No more "pink slime" at Kroger stores. 

Read more
Kentucky Budget
10:39 am
Tue March 13, 2012

Strong Sales Push up General Fund Revenue in KY

General Fund receipts in Kentucky have grown faster than expected over the past month, thanks largely to an increase in sales tax revenue.  Budget Director Mary Lassiter says total February receipts were up by over 21 million dollars, or almost four percent. She credits a portion of that increase to gift cards exchanged during the Christmas season that are only now being used.  Lassiter says February is not typically Kentucky's best month for revenue collection, so the rise was welcome news.