FRANKFORT, Ky. (AP) – Kentucky’s Republican governor wants to slash spending by more than 17 percent this year to prevent a $200 million shortfall and protect the state’s credit rating.
Gov. Matt Bevin has ordered cuts across most state agencies. He has requested cuts from agencies he does not control, including constitutional officers, the court system and the legislature. The cuts do not apply to public education, Medicaid, the prison system and debt.
State Budget Director John Chilton says he expects the reserve fund to run out of money when the fiscal year ends June 30, so it can’t cover the projected shortfall. He said exhausting the reserves could hurt the state’s credit rating.
Chilton said the plan is to eliminate the $200 million shortfall and put $150 million in the state’s savings account.
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9/8/2017 12:14:31 PM (GMT -4:00)