State Budget Office Releases Final Details on BudgetSurplus

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FRANKFORT, Ky. (WTVQ)- On Thursday the Office of the State Budget Director released the results of the budget surplus for the year.

The Commonwealth’s FY19 General Fund revenues exceeded estimates by $194.5 million, reaching an all-time high and surpassed FY18 revenues by more than $550 million, according to officials.

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The Office of the State Budget Director says following payment of $33.2 million in unbudgeted but necessary government expenditures, the following appropriations were made, as prescribed by the FY 2018-2020 biennial budget:

• Coal severance tax to coal counties $15 million
• Mineral severance tax to mineral counties $2.7 million
• Lottery receipts to need-based scholarships $14.9 million
• Teachers Retirement System (TRS) post-retirement health insurance fund $70 million
• Kentucky Employees Retirement System (KERS) Nonhazardous unfunded pension liability fund $60.1 million

Officials say its year-end revenue report, the Office of the State Budget Director attributed the Commonwealth’s revenue growth to statewide economic development efforts and tax reform policies that broadened the tax base and modernized the tax rate structure.