FRANKFORT, KY (WOWK) – Kentucky has reached a new milestone in economic growth. According to Kentucky Governor Andy Beshear, the state’s General Fund receipts for the 2022 fiscal year grew at its highest rate in 31 years.
The Office of the State Budget Director says the fund receipts totaled approximately $14.7 billion, which is a 14.6% growth over last year. The office also says the total exceeded the state’s estimate by approximately $945.5 million. Beshear’s office says officials expect the surplus to be “even higher” after the books close on spending later in July.
The governor’s office says this year’s total is the second-highest revenue surplus the state has ever seen, following the record high from the 2021 fiscal year. Beshear also says Kentucky’s Rainy Day fund is expected to reach $2.7 billion once the books close later this month.
“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,” 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 full report from the Office of the State Budget Director is available on the office’s website.