Governor Steve Beshear says he wants Kentuckians to fully understand the state’s financial condition. The Governor held a news conference in Frankfort today, one week from the start of the 2010 legislative session.
That’s when lawmakers will write a new two-year budget.
Beshear says Kentucky’s revenue shortfall is sometimes under-estimated.
“I’ve seen reports in some of the news media that indicate we may have as much as a 900-million dollar shortfall over the next two years,” says Beshear. “That’s simply inaccurate, it’s much greater than that.”
The Governor says the deficit will be more like $1.5-billion over two years.
He adds the next budget cycle will contain increased costs the state can’t do much about, including the Medicaid program, which he says has more recipients due to the economy.