Kentucky Faces Revenue Shortfall

by Rick Howlett on October 31, 2008

From Kentucky Public Radio’s Tony McVeigh 

Kentucky could be facing an almost $300 million budget shortfall this fiscal year, but Governor Steve Beshear says the state “will survive this economic crisis.” Before the administration takes any action, Beshear wants a new revenue projection.

“When you have the Dow Jones Industrial average swing almost 17-hundred points in both ways in two days, and when Alan Greenspan himself steps up to admit mistakes in his predictions, then you know we have an extremely fluid situation. We will use the Consensus Forecasting Group’s numbers as the basis for decisions in the months ahead,” Beshear said at a Thursday afternoon press conference.

Beshear says a special session to approve budget cuts or revenue enhancements may be necessary in early January, but first the administration will fully assess the situation, formulate a plan and then take the plan to the people.

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