The Consensus Forecasting Group, a panel of economists charged with predicting the state's future revenues, met today in Frankfort to review the key economic data for the US and Kentucky economies. The highlights from the meeting are below and you can view the handouts HERE:
- This is the second of a three meeting series, with the final meeting of this series scheduled for October 14, when the CFG will make its preliminary revenue forecast. The Governor's Office will utilize that number to prepare the Governor's Budget that he will present in January. The CFG will meet again in December and January to finalize the state's revenue forecast for use in the 2012 Session as the General Assembly builds the next biennial budget.
- Today's meeting was more focused on an analysis of the economic data and discussion of the economists overall views of the economy. Most of the economists were relatively pessimistic in their view of the economy. That view may still lead to revenue growth in the next biennium, but possibly not as robust as originally thought.