The Kentucky State Fair Board has approved its operating budget for fiscal 2013 that includes a projected deficit of more than $5.4 million.
Business First reports that the budget was approved during Thursday’ monthly fair board meeting.
The budget forecasts a net income of more than 476-thousand dollars but also projects nearly $3.7 million in capital expenses and $2.3 million in construction expenses.
It also includes a cost-cutting plan crafted by new board CFO Gary Stewart.
The board has lost revenue streams from the termination of its contract to manage the KFC Yum Center, and the closure of the Kentucky Kingdom amusement park more than two years ago.
A request for proposals for a new park operator will be open until October 19.