Beshear: KY to End Fiscal Year Without Shortfall

Governor Andy Beshear announced  on Wednesday that the state is looking to close out fiscal year 2020 without a shortfall, despite the continuing challenges presented by efforts to fight the novel coronavirus.

Beshear credited the hard work of Cabinet leaders and state agency officials as the state's General Fund revenues for the fiscal year came in far higher than was expected only months ago. The Governor praised the administrators of all state agencies, who were asked to reduce spending by a 1% annualized amount in the last two months.

Beshear said the official numbers for fiscal year 2020 will show a surplus, a marked improvement from May 22, when a revised revenue estimate expected a shortfall of $457 million. He said the Office of the State Budget Director will issue final end-of-the-fiscal-year numbers and details after the books officially close this weekend.

Beshear emphasized, however, that despite these encouraging signs, the economic outlook in Kentucky for 2021 remains extremely difficult, and successfully fighting to stop the spread of COVID-19 remains the most important component to safeguarding our economy.

The key to protecting both the health and safety of Kentuckians and the state's economy, Beshear said, was everyone adhering to guidelines, in particular his recent mandate on face coverings in most public places.