Ky. ends fiscal year with balanced budget

FRANKFORT, Ky. (AP) - Kentucky has finished the fiscal year with a balanced budget.

Gov. Steve Beshear credits the accomplishment to a variety of factors, including cuts to government agencies.

A statement from the governor's office also credited revenue from the state's new taxes on alcohol and cigarettes for helping to offset what ended up being a $500 million revenue shortfall.

Money also was taken from the state's rainy day fund to help ward off a budget deficit.

Beshear said the budget was balanced without using federal stimulus money that had been provided to the state.

The federal money still will be needed. The governor's office said $358 million of the funding will be used in the current fiscal year. And another $300 million will be used the following year.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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