By Tony McVeigh
Frankfort, KY – Kentucky House budget chairman Rick Rand doubts lawmakers will have to do much tweaking of the state budget when the legislature convenes January 4th. Lawmakers approved a two-year budget in a special session earlier this year. Rand admits the spending plan doesn't include much room for error, because it exhausts the state's rainy day fund.
"But, at this time, our revenue's coming in on target or a little above target. So, we're optimistic. But I think it's going to be a pretty slow session from a budget perspective because even though we are a little bit ahead of schedule, we still have next year to deal with and we'll want to build up a little reserve for next year if at all possible."
Last month, State Budget Director Mary Lassiter predicted Kentucky could end the current fiscal year with a $58 million surplus if the economy continues to recover. However, Lassiter called the report "very preliminary," and warned there is still much volatility in the economy.