FRANKFORT (AP) — Kentucky taxpayers got good news and bad news on Friday on the state’s budget.
The good news is the state finished the fiscal year with a $165.4 million surplus in the general fund. But the bad news is the state’s road fund has a $20 million shortfall.
The results were not unexpected. State budget officials had predicted a general fund surplus just two months ago. State officials also predicted a deficit in the road fund after falling gas prices automatically cut the state’s gas tax rates. State lawmakers agreed to freeze the gas tax in March, preventing what could have been a larger deficit.
Democratic Gov. Steve Beshear said the surplus is a sign that Kentucky’s economy continues to grow and is moving in the right direction.