On Monday, Governor Andy Beshear announced Kentucky recently reported its highest annual growth rate in more than 30 years.
In the last year, the Office of State Budget Director reported 14.6% growth, according to a release from the Governor’s office. Moreover, General Fund receipts totaled $14.7 billion and that exceeded the budgeted estimate by $945.4 million. This is the second-highest revenue surplus ever – surpassed only by last year’s record amount.
“One of my most important jobs as Governor is to ensure the financial strength and solvency of our great commonwealth – essentially to make sure our financial house is in order,” Gov. Beshear said. “These receipts show that personal income, sales and business income are all going up significantly, and even our road fund is up. My administration has now delivered the highest and second-highest revenue surpluses in the history of Kentucky, thanks to strong fiscal management and a hot, record-breaking economy.”
The Governor added the state’s rainy day fund is expected to reach almost $2.7 billion at the end of this month.