Governor Matt Bevin proposed his state budget in the State of the Commonwealth and Budget Address this evening in Frankfort. The focus of the budget address was "Get our Financial House in Order" as explained in various materials below released by the Governor's office and as filed the Executive Branch Budget HB 200, Transportation Budget Bill HB 201, and the Road Fund budget HB 202. We will be reviewing the budget documents in detail over the coming days. However here are a few key elements:
- The budget does not include pension reform or pieces of tax reform
- Pension costs for state employees and teachers are fully funded with 14.5% of the General Fund dedicated to retirement costs
- Most state agencies will be cut by 6.25%
- Per pupil SEEK funding is exempt from these cuts, but school district transportation costs were significantly reduced
- Nearly 70 programs are eliminated in this budget
The budget does provide for:
- A $100 million bond pool for workforce development
- Funding for new prosecutors and public advocates
- Additional $34 million to fight opioid abuse and substance abuse
- $10.8 million for a new program to support foster children and adoption
- $250 million to be placed in the Rainy Day Fund
- Kentucky State Police will receive new cruisers and rifles, and a modern communications system
Governor Bevin included a statement that "Kentucky must modernize it's tax code so that economic growth will lead to much-needed additional revenue to invest in education, public safety, infrastructure, health care, and other areas of need."
See the Governor's documents below for more details and we will have more analysis in the days ahead.
- The budget does not include pension reform or pieces of tax reform
- Pension costs for state employees and teachers are fully funded with 14.5% of the General Fund dedicated to retirement costs
- Most state agencies will be cut by 6.25%
- Per pupil SEEK funding is exempt from these cuts, but school district transportation costs were significantly reduced
- Nearly 70 programs are eliminated in this budget
The budget does provide for:
- A $100 million bond pool for workforce development
- Funding for new prosecutors and public advocates
- Additional $34 million to fight opioid abuse and substance abuse
- $10.8 million for a new program to support foster children and adoption
- $250 million to be placed in the Rainy Day Fund
- Kentucky State Police will receive new cruisers and rifles, and a modern communications system
Governor Bevin included a statement that "Kentucky must modernize it's tax code so that economic growth will lead to much-needed additional revenue to invest in education, public safety, infrastructure, health care, and other areas of need."
See the Governor's documents below for more details and we will have more analysis in the days ahead.
2018-19 budget proposal includes necessary cuts, targeted investments |
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