A Slightly Rosier Picture
Frankfort, KY – After spending three hours assessing state revenue receipts, the Consensus Forecasting Group is predicting a slight up-tick in tax collections. Chairman Larry Lynch says the economy's just looking better. "Maybe it's the Christmas spirit imbued in all of us that we all feel a little bit more optimistic now. The rates of decline of various things seem to be ebbing. And the national economy seems to be looking a little better. And that seems perhaps to be translating to Kentucky."
Under the new revenue projections, Kentucky's current fiscal year deficit falls from $161 million to $100 million. The deficit for the next biennium would also be reduced, but would still be nearly $1 billion.