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Fri July 11, 2014
Kentucky Ends Budget Year In The Red
Kentucky's state government finished the 2014 fiscal year about $90 million short.
State officials predicted they would collect $9.6 billion in taxes and fees in the fiscal year that ended June 30, but they collected $9.5 billion instead. The reason was what State Budget Director Jane Driskell called a significant slowdown in income tax collections. State income tax collections grew less than 1 percent from the 2013 fiscal year.
Kentucky's road fund was also short about $22.2 million. The state made more money from the gas tax because the tax automatically increased as the wholesale price increased. But it was not enough to offset the fact that people are buying less fuel.
Governor Steve Beshear has not said how he plans to make up for the shortfalls.