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The federal government recorded a $160.3 billion surplus in April as revenues jumped to an all-time high. But even with a flood of tax receipts, the deficit so far this year is running 37.7% higher than a year ago.
If you live in Madison County, you could soon be opening your wallet a bit wider for the county.
Critics of Governor Matt Bevin's pension reform plan brought their opposition to his doorstep.
Kentucky's state agencies will cut 1 percent from their budgets to help avoid a $113 million shortfall.
State officials say Kentucky is likely to have a small budget shortfall when the fiscal year ends June 30.
The deficit in the broadest measure of U.S. trade declined slightly in the final three months of 2015, but for the entire year the deficit jumped to the highest level in seven years.
Kentucky's Medicaid program is facing a $125 million deficit this year and a $611 million deficit over the next two years as it struggles to keep up with a flood of new enrollees and the end of 100 percent federal funding for its expanded eligibility requirements.
Kentucky State University said that it had no other choice but to drop 645 students for not making their required tuition payments.