KY Revenue Down

By Staff

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May 15, 2020

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Kentucky’s budget director projects a general fund revenue shortfall of $177 million for the 2020 fiscal year that ends June 30. Kentucky cities are also facing an estimated shortfall of $85 million. Of course, this shouldn’t be a shock as Kentucky’s economic engine has sputtered in the wake of extreme measures to slow the spread of the coronavirus. Unemployment is higher than Great Depression levels as many businesses have close. Several businesses aren’t expected to reopen at all. While the budget shortfalls of state and local governments will result in decreased services, several officials are looking to federal assistance to help with lost revenue. Many are now asking if less restrictive measures could have been taken to maintain the economy while slowing the spread like South Korea and Taiwan have successfully done.

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