December Revenues Down
Last night on Kentucky Tonight, Senate President David Williams said that the state's December revenue report would show a year-on-year decrease of about 1%. The report probably won't be out publicly until Friday or Monday, but December's decrease would lower the 2.2% growth in revenues we have see so far.
Even with the decrease, revenues will still be ahead this year, and the legislators on the show were in general agreement that the "shortfall" is likely to be over $100 million less than Governor Beshear's (and the CFC's) projected $456 million.
Addressing the budget shortfall is likely to consume most of the attention of the short 2009 session.
While President Williams would not rule out tax increases last night, he did repeat a mantra that he wouldn't even entertain the idea without first agressively pursuing efficient spending throughout the whole budget, specificaly mentioning Medicaid, education and corrections. That's a good sentiment for the Kentucky taxpayer.
