The state Budget Office says Kentucky is expected to have a $64.6 million surplus at the end of the fiscal year on June 30. That’s a vast improvement over recent fiscal years in which Gov. Steve Beshear and the Kentucky General Assembly has been forced to make multiple mid-year cuts in spending just to meet the constitutional requirement of ending the fiscal year in the black.
It also is further evidence that the state’s economy — while still far from robust — is continuing to improve. While the state’s continuing economic woes forced the 2010 General Assembly to approve a frugal two-year budget, this marks the first year since Beshear was elected governor that no mid-year cuts in spending were required.