KENTUCKY BUDGET SURPLUS WILL BE USED TO REPLENISH ITS "RAINY DAY FUND" PDF Print
Thursday, 28 July 2011 09:52

 

Kentucky will use a budget surplus to replenish its "rainy day fund." The state ended the fiscal year with a surplus of nearly $157 million. Nearly $122 million will go to the Budget Reserve Trust Fund, making it the largest-ever deposit to the rainy day fund.  State Budget Director Mary Lassiter tells us more…

 

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The rainy day fund had been exhausted during the recession. There was over $230 million in the Reserve Trust Fund in 2007. The money was depleted the next three years to offset revenue shortfalls and to prevent deeper budget cuts.

 

The other $35 million will be used to cover government expenses, including recovery from spring floods that caused heavy damage in western Kentucky.

 

 

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