A Too Much Spending Crisis
No, we're not talking about bailouts. We're talking about government revenues in the first five months of this fiscal year.
In Lexington, the city has a 2.5% increase in license and permit fees, and a 3.8% increase in payroll tax receipts versus last year.
For the state:
Meanwhile, tax receipts for November released by the state budget office yesterday showed that revenues for the month were up by 5.8 percent compared to November 2007. Through the first five months of this fiscal year, General Fund revenue has grown by 2.2 percent.
The state is facing a 2.2% revenue increashortfall!
What kind of crisis is it when appropriations are down and revenues are up and you still don't expect to come out even? A too-much-spending crisis.
