From Kentucky Public Radio’s Tony McVeigh
Revised revenue estimates on which Kentucky leaders will base the next state budget will be announced this afternoon.
This will be the last meeting of the Consensus Forecasting Group before the 2010 General Assembly convenes next month. The panel of economic experts is already predicting a revenue shortfall of $161 million in the current fiscal year and a $1.2 billion deficit over the next biennium. But Chairman Larry Lynch says the economy is showing some signs of life, and the panel may want to adjust those figures.
“I guess if you compare October to the first quarter, in revenue, it’s looking slightly better. It’s still going down, but not as severely as it did in the first quarter, the first fiscal quarter.”
Gov. Beshear is already warning state agencies to be prepared for another round of cuts this fiscal year. Since taking office in December 2007, Beshear has overseen almost $800 million in budget cuts.