Kentucky's state government revenue for fiscal year ending June 30, 2008 was $8.664 billion, 1.1% higher than it was the previous year.
The big news was announced early this morning and, strangely, the state's mainstream media seems to be a little slow picking up on the news.
This substantial evidence that spending and not revenue "shortfall" is our problem would be huge news if the opposite were found to be true.
Of course, that won't change the focus on tax increases when the story finally hits the big media outlets.
In a press release that hit my email box at 8:41 am, Budget Director Mary Lassiter said "this is the lowest level of growth we’ve seen since 2002. Despite the national income tax rebate checks, our sales tax growth is being substantially eroded due to inflation, primarily in the energy and food sectors. We will need to see improved growth in many of our revenue accounts to make the FY09 budgeted revenue estimate."
Sales tax receipts for the year were up $60.1 million or 2.1%. We may want to figure out how to start spending less money in case we find ourselves with an actual decrease in revenue.
Thursday, July 10, 2008
A "cat got your tongue?" day in KY media
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6 comments:
It's time for real legislative accountability for spending. Is there any way to hold the spending folks accountable except the default - at the ballot box?
In 1965 it was Russman vs Luckett; i.e., assess all real property at 100% of its value and it was in the late 1980's before state finally attained any semblance achieving.
In 1994 Ron Carson told legislators average growth rate of appropriations was 6% and tax resources growth rate was 5.3%.
State did nothing and it's 2008.
You do the math!
dash
"Kentucky's state government revenue for fiscal year ending June 30, 2008 was $8.664 billion." That's Billion with a B. B-I-L-L-I-O-N. The reason it's not in the news, is because how can the electorate feel badly for all those stalwart politicians whose job it is to run a little, poor state like Kentucky with a mere $8 BILLION. I can only imagine how hard that must be to manage on so little revenue. /end sarcasm
I hope our Governor announces in advance, so we can all attend the big ground breaking, for the two new Japanese Auto plants are going to turn ground. The same ones that were announced following what we now see was a pretty enjoyable trip for the Governor and his staff.
The bills are paid. Eighty thousand dollars worth.
So, lets all pitch in a few bucks so the Governor can add a contribution to our Treasury for his important trip to Japan.
And, with all that publicity I am sure the Kentucky Delegation met with Toyota.
But, when they return there did not seem to be much notice of the meeting with Toyota. Especially since Toyota- Georgetown, is retooling to make a larger volume of fuel efficient cars.
Thanks Toyota. When will you be brining your Rickshaw\Collie Driven battery cars to the USA?
Toyota could use a little more attention right now . . . but yet the focus by three members of the General Assembly has been to offer up ZAP cars. Boy these guys are smart, I am sure the Toyota marketing people would like to have them on their staff, as they are such visionary s about TECHNOLOGY.
I just wanna say!
Jim Anderson Stivers
How can we hold people responsible for spending when they get to do the spending behind closed doors?
I support David's call for more transparency.
BUT, David doesn't take it far enough. We have privatized way too much already. Private companies are much harder to open the doors on.
Great point, John. Thanks.
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