Budget shortfall looms large for Ky. legislators
By JOE BIESK
Associated Press Writer
FRANKFORT, Ky. (AP) - A more than $450 million hole in Kentucky's state budget is likely to fill much of the General Assembly's time when lawmakers convene in January.
Gov. Steve Beshear has predicted drastic funding cuts "that will bring pain to our people," and he's suggested a possible special session for lawmakers to deal exclusively with Kentucky's budget problem.
Last week, he asked university and government agency officials to suggest how they'd cut 4 percent in spending this year.
"There's only two options and everybody better accept them," said Senate Minority Floor Leader Ed Worley, D-Richmond. "Either raise some money or you cut expenses. It is that simple."
Kentucky lawmakers passed a two-year, $19 billion budget nearly eight months ago that included funding cuts for higher education and government services. It was based on an estimated $900 million drop in revenue from the prior year.
Last month, however, matters got worse.
A group of state economists predicted that state revenue is off pace an estimated $456 million between now and the end of June. Over the next year and a half, Kentucky's general fund shortfall is estimated to be more than $1.3 billion behind.
For complete story, see today's Ledger & Times
Story created Dec 01, 2008 - 13:27:42 EST.
| 
