Consensus Forecasting Group Predicts Revenue Decline

{Kentucky}...The Consensus Forecasting Group, made up largely of economists from the state's universities, held an information gathering meeting in Frankfort on Friday. The panel of economic advisers offered a gloomy view for the months ahead in Kentucky, fearing a worsening recession could cause state tax revenues to decline. The legislature uses the group's economic forecasts as the basis for revenue projections. Members say they see little to be optimistic about heading into next year, when lawmakers will craft the state's two-year budget, largely because of signs pointing to problems in the national and world economies. The panel will meet again October 14th to make a preliminary forecast that Governor Steve Beshear's finance team and lawmakers will use to begin the budgeting process. Greg Harkenrider, deputy director of the Governor's Office for Economic Analysis, says the economy clearly is fragile and that has economists concerned about the potential for a double-dip recession.