From Kentucky Public Radio’s Tony McVeigh
Some new state revenue forecasts on which a special session of the Kentucky General Assembly may be based will be announced today in Frankfort.
Last week, the Consensus Forecasting Group took a look at the leading economic indicators, which were generally gloomy. Now, the independent panel of economic experts will crunch the numbers and come up with new revenue forecasts for the next fiscal year and beyond.
Governor Beshear will use the numbers to determine the need for a special session.
“Well, certainly as we move along, and as we get the Consensus Forecasting Group’s numbers, I’ll be further discussing where we go and those discussions, obviously, will include legislative leadership,” says Beshear.
The Governor believes the state could be facing a deficit topping one-billion dollars in the fiscal year that begins July 1st.
Larry Lynch, chairman of the Consensus Forecasting Group, says the governor’s projections “seem plausible.”