FRANKFORT, KY (WOWK) – Kentucky Gov. Andy Beshear says the Bluegrass State is ending the fiscal year in the black, despite earlier projections of a deficit.
The state’s final general fund surplus is $177.5 million. Beshear says a large portion of this change comes from additional money coming into the state during the delayed income tax collections in July. The state would normally have these funds collected by Tax Day, April 15.
“This is a better outcome than I could have anticipated,” Beshear said.
Schools, universities, and legislators will not have to cut funding as of the current balance, according to Beshear. The state is also able to add $162.5 million to the state’s “rainy day fund,” also known as the budget reserve trust fund. Beshear says this is the state’s largest deposit to the fund from a year-end surplus.
The final road fund did have a $60.3 million shortfall, according to Beshear. However, due to spending reductions and CARES Act funds, the state construction program will not receive any cuts.