Beshear: Kentucky General Fund to reach surplus for 2022

FRANKFORT, Ky. – Gov. Andy Beshear announced Tuesday that Kentucky’s fiscal year 2022 General Fund receipts grew at the highest rate in 31 years.

According to a release by the governor’s office, The Office of State Budget Director reported 14.6% growth over last year and noted that General Fund receipts totaled $14.7 billion, surpassing the budgeted estimate by $945.4 million. This is the second-highest revenue surplus ever – surpassed only by last year’s record amount – and the budget surplus is expected to be even higher once the books are closed on spending later in July, stated the release.

“One of my most important jobs as governor is to ensure the financial strength and solvency of our great commonwealth – essentially to make sure our financial house is in order,” said Beshear. “These receipts show that personal income, sales and business income are all going up significantly, and even our road fund is up. My administration has now delivered the highest and second-highest revenue surpluses in the history of Kentucky, thanks to strong fiscal management and a hot, record-breaking economy.”

The governor’s office also stated that the state’s Rainy Day fund is expected to reach almost $2.7 billion once the books close later this month, which started at $129 million at the start of Beshear taking office.

“We’re seeing more jobs and better wages for Kentuckians, which allow more people to put food on the table and live the lives they want and deserve,” said Beshear.

The release further stated that, while Kentucky’s economy is doing well, the governor understands that Kentucky families are still impacted by record gas prices and higher costs of consumer goods.

Beshear’s office said he is working to provide relief, including a past executive order to freeze vehicle taxes and the order of state of emergencies regarding baby formula and and fuel costs.