From Kentucky Public Radio’s Tony McVeigh
If, as many financial experts believe, a national economic recovery is getting underway, it apparently hasn’t reached Kentucky. Revenue collections in the commonwealth continue to spiral downward.
Total state revenue collections for September were off almost 10%, falling from $804 million last September to $725 million this year.
Tax receipts have declined for the last nine months, with weak collections in major sources of revenue – like sales and use taxes and income taxes – that support 75% of state government operations.
State Budget Director Mary Lassiter says given recent trends, the likelihood of balancing the budget this fiscal year “is in question.”
The Consensus Forecasting Group – the panel of economic experts that advises the governor and legislative leaders – meets Monday to consider preliminary revenue estimates for the current fiscal year and the next biennium.