From Kentucky Public Radio’s Tony McVeigh
Kentucky Governor Steve Beshear says the state could be facing a revenue shortfall of up to one billion dollars next fiscal year, which begins July 1st. He says the situation calls for thoughtful and decisive action, and the quicker the better.
“It’s easier to cut if you have a full 12 months of a fiscal year to spread out reductions, rather than just over a few months. I’m confident that by acting together, we will get through this,” says Beshear. “We will survive and be poised to prosper when we come out on the other side of this world financial crisis. I know because we’ve done it before.”
Before taking action to reduce the projected deficit, Beshear wants the independent panel of economic experts known as the Consensus Forecasting Group to meet and make their own revenue projections. That will happen in May.
Beshear is already predicting the need for a special legislative session, but Senate President David Williams is not yet convinced of that need.