Tagged: budget

Louisville Mayor Greg Fischer is among several municipal leaders from across the country pushing Congress to act now to address the upcoming fiscal cliff.

Several measures will take effect or expire at the end of the year, and if Congress doesn't act, $100 billion in spending cuts and $380 billion in tax increases will hit simultaneously. The U.S. Conference of Mayors, of which Fischer is a member, has sent congressional leadership a letter urging them to act.

A slowdown in Kentucky's mining industry is causing financial problems. Diminished severance tax revenue could force some planned construction projects in the coalfields to be postponed.

Revenue from the state's coal severance tax is plummeting, with mines shutting down and miners being laid off.

Deputy State Budget Director John Hicks told lawmakers today that coal tax revenue is projected at $245 million this year. That's $88 million less than was expected when lawmakers passed the budget less than five months ago.

The Kentucky Opera announced today that the organization ended the year with a budget surplus. This is the third season under general director David Roth that the Opera has come out ahead.