Kentucky Consensus Forecasting Group

Kentucky's $91 Million Shortfall Explained

Jul 17, 2014
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.

A non-partisan team of seven economists from across the state, The Kentucky Consensus Forecasting Group, works up projections used for state budget development and long-range planning by the Governor and the Kentucky legislature.  Murray State Distinguished Professor of Economics in the Arthur J. Bauerfeind College of Business, Dr. Jim McCoy has begun work with the Group and we learn more about this, with Kate Lochte.