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Mon May 11, 2009
Governor And Lawmakers Await Economic Forcast
By Tony McVeigh
Frankfort, KY – With talk of a possible special session as early as June, legislative leaders are anxious to see the latest revenue figures. House budget chairman Rick Rand isn't optimistic.
"I haven't seen the numbers, but I can only anticipate that they will not be great. I'm hopeful that if the numbers don't pan out and it looks like we need to come in, it would be my preference to do it sooner, rather than later."
The numbers will help a panel of economic experts that advises the governor and legislature make a new revenue forecast for the second year of the biennial budget, which begins July 1st. The Consensus Forecasting Group meets May 18th and May 29th in Frankfort. Governor Beshear predicts the state could be facing a budget shortfall exceeding one billion dollars next fiscal year.