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State's top economists predict modest budget growth, expect revenue to hit $10B in 2016
Reported by: Associated Press
Reported: Friday, October 11, 2013 5:44 PM EDT
A panel of state economists is predicting that modest growth over the next two years will push Kentucky's annual General Fund revenue above $10 billion for the first time in 2016.
Frank O'Connor, an Eastern Kentucky University economics professor who chairs the panel, said he believes consumers are ready to start spending again on big ticket items like automobiles, which will push up sales tax collections, one of the state's chief sources of revenue.
Gov. Steve Beshear's staff will use the predictions to begin drafting the 2015-16 biennial budget to be presented to the Legislature in January.