EKB News

On Monday, a team known as the Consensus Forecasting Group will convene in Frankfort to consider preliminary revenue estimates for the current and next two fiscal years. According to House Speaker Greg Stumbo, plunging tax receipts may produce a state budget shortfall of $150 million to $200 million in the current fiscal year. Since last September, Kentucky's revenue from income taxes has fallen nearly 10%, while general fund receipts have fallen by a similar amount, leaving the state government's financial situation weary. A report released Friday shows the total revenue for September at $725.6 million, down from September 2008, when the total stood at $804.6 million for the month.