From Kentucky Public Radio’s Tony McVeigh
The current legislative session in Frankfort isn’t even over yet, and there’s already talk of a special session.
State revenue receipts in February fell by more than 9%, dropping revenue growth for the current fiscal year to zero. Road fund receipts fell almost 12%.
House Speaker Greg Stumbo says if the gloomy numbers continue, the state could be facing huge budget deficits in the next fiscal year, which begins in July. And that, he says, could mean a special session in June.
“If the revenue projections drop below five percent of the projected, the governor is not to spend any more money without the approval of the General Assembly,” says Stumbo, “so, I think it’s likely, that we’ll be back here sometime in June.”
Governor Beshear says he, too, is concerned about the latest revenue figures, but wants more information. He wants another report from the Consensus Forecasting Group later this year before deciding whether a special session will be needed.