FRANKFORT, Ky. (AP) - Kentucky's House and Senate budget committees met together Tuesday afternoon to begin discussions on
how best to shore up the state's projected budget shortfall.
A panel of state economists has predicted that Kentucky is facing a $456 million budget shortfall in the current fiscal year that ends June 30.
Senate President David Williams said Monday the picture may not be as grim, nothing that the estimate was based on a "pessimistic" outlook for state revenue. Sen. Charlie Borders, who is chairman of the Senate Appropriations and Revenue Committee, echoed the thought.
Last week, the state budget office reported total receipts for December 2008 were up 1.3 percent from the previous year. Nevertheless, experts warn the second half of the fiscal year is expected to perform worse for the state.
Lawmakers on the budget committees are planning to meet multiple times between now and Feb. 3 when the General Assembly resumes.
(Copyright 2009 by The Associated Press. All Rights Reserved.)