Kentucky has broken another economic milestone on Monday, as Gov. Andy Beshear announced that Kentucky’s fiscal year 2022 General Fund receipts grew at the highest rate in 31 years.
The Office of State Budget Director reported 14.6% growth over last year and noted that General Fund receipts totaled $14.7 billion, exceeding the budgeted estimate by $945.4 million, according to the governor’s office. The billions stacked in the Kentucky treasury represents the second-highest revenue surplus ever – surpassed only by last year’s record amount – and the budget surplus is expected to be even higher once the books are closed on spending at the end of July.
“One of my most important jobs as Governor is to ensure the financial strength and solvency of our great commonwealth – essentially to make sure our financial house is in order,” Gov. Beshear said. “These receipts show that personal income, sales and business income are all going up significantly, and even our road fund is up. My administration has now delivered the highest and second-highest revenue surpluses in the history of Kentucky, thanks to strong fiscal management and a hot, record-breaking economy.”
The Governor also noted that, once the books are closed later this month, the state’s Rainy Day fund is expected to reach almost $2.7 billion. When Gov. Beshear took office, that fund was at $129 million.
“We’re seeing more jobs and better wages for Kentuckians, which allow more people to put food on the table and live the lives they want and deserve,” Gov. Beshear said.
To read the Office of State Budget Director’s report, click here.
Beshear is seeking re-election next year, as Republicans pour into a GOP primary to challenge the first-term governor.
