Frankfort, KY – It's been another stellar month for state revenue receipts in Kentucky. And as Kentucky Public Radio's Tony McVeigh reports, that means no furlough days for state workers next fiscal year.
General Fund receipts in May were $750 million, a whopping 18 percent increase over May 2010 receipts. Tax collections in the first 11 months of the current fiscal year have grown 6.7 percent.
The enacted budget required a growth rate of only 4.5 percent, so revenue receipts this month could decline 17 percent and the state would still meet its budget. Road Fund receipts are up more than 10 percent.
In response to the good economic news, Gov. Steve Beshear released a statement indicating he sees no need for state workers to be furloughed in the second year of the biennium. They've already taken six furlough days this fiscal year.
The governor's announcement drew immediate praise from House Speaker Greg Stumbo.