FRANKFORT, Ky. (AP) - A panel of economic experts says Kentucky's state government is facing a budget shortfall of nearly $1 billion.
The Consensus Forecasting Group agreed Friday that state revenue for Kentucky is likely to fall short about $996 million. The figure falls close to Gov. Steve Beshear's own internal projection that pegged the shortfall in the fiscal year that starts July 1 at about $1 billion.
Kentucky is nearing the end of a financially turbulent year that saw lawmakers address a $456 million budget shortfall with budget cuts and tax hikes. Kentucky lawmakers raised taxes on alcohol and cigarettes, slashed government spending and tapped into the state's "rainy day fund."
The state budget in the coming fiscal year is $9.3 billion.
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