Kentucky Calls Special Session
Starting next week the Kentucky Legislature will be back in Frankfort. Gov. Beshear's primary focus for calling back law makers is to address a projected budget shortfall. Below is the Kentucky Chamber's release:
"This afternoon, Gov. Steve Beshear issued a proclamation calling the Kentucky General Assembly into Extraordinary Session on June 15, 2009, to deal with the projected shortfall in the state’s budget for the coming year. The Consensus Forecasting Group (CFG) issued an official budget estimate of $996 million for Fiscal Year 2010. Although that amount is in dispute because it doesn’t reflect budget adjustments already made this year, it still poses a significant challenge. The governor met earlier in the day with legislative leaders and presented them his proposal to close the budget gap.
Beshear’s plan would not raise taxes on businesses or individuals, but would instead rely on a series of budget cuts, a reduction of paid holidays for state employees and targeted use of federal stimulus dollars made available by the American Recovery and Reinvestment Act."
The session may address other vital issues including economic development programs and infrastructure authority for major projects.
Budget shortfalls are a painful reality for most states right now. We're addressing this subject in an Issue Forum at the ACCE Convention in Raleigh on Friday, July 31. The Kentucky Chamber's Dave Adkisson will moderate as Joe Crosby from the Council on State Taxation and Bob Ward from the Rockefeller Institute of Government discuss the prospects for state budgets from the expense and revenue sides. Learn strategies for dealing with budget gaps in ways that don't slam your state's economic engines. More at www.acce.org/convention.