Kentucky budget director predicts $113 million shortfall
FRANKFORT, Ky. (AP) – Kentucky’s budget director says the state is likely headed toward a $113 million shortfall when the fiscal year ends June 30.
Media outlets report Budget Director John Chilton made the projection in a quarterly economic and revenue report this week.
The report noted a weak 1.2 percent growth in jobs contributed to declines in income and sales tax collections.
A spokeswoman for Republican Gov. Matt Bevin told the Lexington Herald-Leader the governor is planning for “the possibility of potential cost-saving measures.” Bevin could cut state spending, or use money from the state’s reserve fund to cover the shortfall.
The last time Kentucky finished the fiscal year with a deficit was 2014, when it had a $91 million shortfall.
Copyright 2017 The Associated Press.