Gov. Steve Beshear is asking the Consensus Forecasting Group (CFG) for a formal projection for fiscal year 2010, based on internal estimates that predict a potential budget shortfall next year of between $818 million and $1.094 billion.
The CFG, an independent group of leading economists across the Commonwealth, is expected to meet twice in May and come back with an official forecast for Fiscal Year 2010 by the end of the month. Gov. Beshear has also asked the CFG to make initial projections for FY 2011 and FY 2012.
This planning estimate is an important indication of how quickly the economy might begin recovering before decisions are made about how to balance Fiscal Year 2010.
As Kentucky lawmakers consider what to do about a projected $900-million budget shortfall over the next two years, most residents don't like the solutions they're hearing from Frankfort. Among them: steep cuts to higher education, a big hike in cigarette taxes and casino gambling.
Posts
