EKB News

With no economic upturn at hand...the Rainy Day Fund depleted and the federal stimulus money all but gone, Kentucky must now face the challenge of crafting a budget that officials are saying could be the worst in their memory. Governor Steve Beshear said, while commenting on cuts that have already taken place, "You get down to the bone at some point, and cuts hurt." Beshear must propose a two year budget for the state to the General Assembly by January 19th., but he says he has no plans to propose higher taxes to deal with the crisis. The Consensus Forecasting Group has predicted a $160.9 million shortfall for the current fiscal year, which began in July. An official estimate of the state's revenue projections will be completed in December.