Thursday, August 4, 2011

Forecasting Group Predicts Increased Revenue

  • {Kentucky}...Economists are predicting that Kentucky's general fund revenues will exceed previous estimates by about $192 million this fiscal year after cutting spending in recent years to balance the budget. The Consensus Forecasting Group met in Frankfort on Thursday to review financial data and economic indicators in order to predict revenues for the coming year. Greg Harkenrider, deputy director of the Governor's Office of Economic Analysis, says the additional revenue could lessen cuts that may be required to balance the state budget in this fiscal year. An improving economy is sparking revenue growth from the state sales tax, income taxes and the coal severance tax.