FRANKFORT, Ky. (AP) – A new report says Kentucky’s state government faces a revenue shortfall that could approach $500 million in the current fiscal year.
The report details the effect the coronavirus outbreak has had on the state’s economy and its revenue collections.
The report says the nosedive in Kentucky’s revenue collections is expected to continue into the first half of the next fiscal year, which begins in July.
The report from state budget director John Hicks was released Thursday.
The virus outbreak has shuttered many businesses and put hundreds of thousands of Kentuckians out of work.