Kentucky faces big budget cuts amid plunging tax collections

FRANKFORT, Ky. (AP) — A revenue forecasting group says Kentucky’s governor will need to cut $457 million from the state’s General Fund to offset plunging tax receipts caused by the coronavirus. The Consensus Forecasting Group met Friday. It offered a pessimistic outlook for the state’s short-term revenue collections as the battered economy tries to bounce back from the global pandemic. Its revised forecasts Friday were limited to the current fiscal year, which ends June 30. Gov. Andy Beshear will take the scaled-back projections as a guide in determining the extent of cuts to the state’s General Fund.