Governor Beshear warns of possible revenue shortfall in Kentucky

FRANKFORT, Ky. (ABC36 NEWS NOW) – Governor Andy Beshear says Kentucky could be facing a projected revenue shortfall this fiscal year.

The governor explained Monday that two major factors are driving the concern. He said federal tariffs are directly impacting spending and overall economic activity. In addition, the state’s income tax rate reduction is cutting $359 million from revenues this year.

“Let me say I expect a shortfall. But I also expect that we can effectively — and we will effectively manage it,” Beshear said.

The governor added that he has asked the state budget director to meet with the Consensus Forecasting Group on September 16 to officially revise the state’s revenue estimates and verify the extent of the possible shortfall.

SEO tags:

SEO meta description: