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Thu August 15, 2013
Analysts Project Modest General Fund Growth Through 2015
FRANKFORT, Ky. -Top state budget staffers are predicting meager revenue growth over the next two years in the General Fund.
Government financial analyst Greg Harkenrider told a group of Kentucky's top economists on Thursday that collections from the individual income tax, the state's top revenue producer, is projected to rise between 1.6 percent and 4 percent in the next two fiscal years. That would help to offset projected declines in the coal severance tax and the cigarette tax.
Analysts are also predicting a slight decline in the Road Fund, largely because of Kentucky's slow rebound from the economic recession.
Those latest projections were presented Thursday to economists serving on the Consensus Forecasting Group, a panel charged with predicting long-term state government revenues.