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September 28, 2022

State of Kentucky ends fiscal year with near-record surplus

Kentucky ended the 2022 fiscal year with a near-record budget surplus, the state budget director said.

General fund receipts totaled $14.7 billion, exceeding estimates by more than $900 million, the budget director’s office said. Receipts grew by 14.6% over last year, making it the highest growth rate in 31 years, the statement said.

“The $945.4 million General Fund revenue surplus is the second-highest year on record, exceeded only by the $1.1 billion revenue surplus from last year,” state Budget Director John Hicks said.

The final budget surplus will be figured when accounting records for expenditures are completed later this month.

Democratic Gov. Andy Beshear credited the revenue surpluses under his administration to “strong fiscal management and a hot, record-breaking economy.”

A top lawmaker said the credit goes to policymaking by the Republican-led legislature. House Speaker David Osborne said the budget surplus came as “no surprise to those of us in the legislature.”

“This is what happens when you commit to sound fiscal policies and responsible tax reforms in order to foster economic growth as we have over the past five years,” Osborne said Tuesday in a statement.

Meanwhile, Road Fund revenues totaled $1.67 billion, which was 2% more than last year but just under estimates, officials said.

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