state budget

1:59 pm
Tue July 10, 2012

State Budget Sees Small Surplus

Despite dim outlooks, the Commonwealth of Kentucky has turned a budget surplus for the second year in a row.

The last fiscal year closed with  an additional $83 million  in  the General Fund. The road fund has a $31 million  surplus.

The extra revenue has two potential uses. First, the state can make emergency payments, like putting additional money to cleaning up tornado damage in Eastern Kentucky.

And it can send money to the rainy day fund to help build back  Surpluses that were spent during the recession.

Local News
5:01 pm
Tue July 3, 2012

Daniels: State To Have $2 Billion Reserve; Taxpayer Refunds Coming

Information for this story also came from the Associated Press

Indiana Gov. Mitch Daniels is touting state cash reserves he says will send more than  $100 to each Indiana taxpayer through automatic tax credits next year.

Daniels said today he expects the state to close its books for the fiscal year with $2 billion in cash reserves.

Roughly $300 million will go to 2013's tax credits and another $300 million will go toward the state's unfunded teacher pension liability.

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