A panel of economists has revised downward its prediction of how much Kentucky will make in tax revenue by the end of the fiscal year in June. Gov. Matt Bevin is expected to make cuts to state spending soon.
The Consensus Forecasting Group on Friday predicted that the state will be $156.1 million short of initial projections.
State Budget Director John Chilton said he expects Gov. Matt Bevin will make cuts to state spending before the end of the calendar year to help avert a budget shortfall.
“Stay tuned,” Chilton said.
Since the state is officially projected to bring in less money than predicted, Bevin can unilaterally make cuts to state spending — he doesn’t have to go through the legislature, which crafts the state budget every two years.
After an unofficial prediction earlier this year that the state would have a $200 million shortfall, Bevin asked most state agencies to make plans for cutting spending by 17.4 percent.
That move that was met with concern from groups ranging from prosecutors to the Department of Education.
Chilton wouldn’t comment on how much state spending would be cut under Bevin’s budget reduction plan.
