2020 budget

Screenshot from KET

Democratic Gov. Andy Beshear has unveiled his proposal for how the state should spend its money over the next two years, laying out a plan to provide raises to state workers and put more funding towards education by raising about $1.5 billion in new revenue.

Kentucky’s two-year budget is currently about $21 billion.

In his address Tuesday night, Beshear said his budget prioritizes education and would end “fourteen years of painful cuts.”

 


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Economists are predicting that Kentucky will bring in slightly more tax revenue over the next two years, but the state is also facing increased financial obligations that will likely eclipse the increase.

On Tuesday, the Consensus Forecasting Group — a panel of economists hired by the state to make revenue predictions at the end of each year — said that tax revenue will increase just 1.3 percent in the upcoming fiscal year and 1.8 percent in the year after that.

The increase translates to $146 million in new revenues in the 2021 fiscal year that begins next July and $207 million in the year after that.