Official Revenue Estimate for Next Budget Slightly Worse than Weak October Forecast
The group of economists charged with predicting how much revenue Kentucky will have in the coming budget cycle approved a...
State Tax and Budget
New Report Shows Continued Higher Education Gaps for Disadvantaged Students Alongside Funding Cuts
The state’s most recent accountability report for higher education—released this week—shows some progress in many areas but big challenges in college affordability and in addressing postsecondary degree attainment gaps for...
Preliminary Forecast Predicts Weakest Revenue Growth Since Recovery Began
Kentucky currently expects to craft its next two-year budget with the least amount of new General Fund revenue it has had since the recovery began. This bad news comes despite...
Revenue Forecast for Next Budget Remains Weak
Today the official group charged with forecasting state revenue again approved a very modest General Fund revenue estimate for the upcoming two-year budget. Compared to the draft forecast they chose...
Revenue Forecast Shows Continued Deterioration of State Tax System
The new long-term revenue forecast of the state’s Consensus Forecasting Group (CFG) suggests that Kentucky’s tax system will continue to deteriorate over the next four years, meaning tight funding for...
Graphic: New Revenue Wouldn’t Even Cover Basic Costs
The graphic below shows that the modest revenue growth recently predicted for the first year of the next budget ($259 million) is not enough to cover even Kentucky’s most basic...
Underfunding Also Led to Shortfall in Local Government Pensions
The pension system for Kentucky local government employees has a shortfall even though local governments have been required to make their annual payments each year. Some are using this fact...
A Tax Shift Is Not Tax Reform
A key question in Frankfort is whether state leaders will enact tax reform between now and the end of the 2014 legislative session. But a challenge is the question posed...
How the Medicaid Expansion Can Save Money in the State Budget
Governor Beshear's announcement that he’ll expand Medicaid in Kentucky included release of a report showing that expansion will result in a net savings of $802 million to the state budget...
Bill to Collect Internet Sales Tax Would Help Kentucky’s Budget and Level Playing Field for Local Businesses
Federal legislation requiring internet retailers to collect sales taxes owed to states would aid Kentucky’s depleted budget and end the unfair advantage out-of-state sellers have over Main Street Kentucky businesses....