Kentucky will end 2022 with a budget surplus

KY receipts grew 14.6 percent over the year, the highest growth rate in 31 years

Kentucky will end the 2022 fiscal year with a budget surplus, the Office of State Budget Director said.

General fund receipts totaled $14.7 billion, which exceeded estimates by more than $900 million, the office said in a statement. Receipts grew by 14.6 percent over last year, making it the highest growth rate in 31 years, the statement said.

"The $945.4 million General Fund revenue surplus is the second highest year on record, exceeded only by the $1.1 billion revenue surplus from last year," state Budget Director John Hicks said.

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Road Fund revenues totaled $1.67 billion, which was 2% more than last year, but just under estimates, officials said.

Kentucky finished the 2022 fiscal year with a budget surplus.

Kentucky finished the 2022 fiscal year with a budget surplus.

The final budget surplus will be figured when accounting records for expenditures are completed later this month.

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Gov. Andy Beshear credited the revenue surpluses under his administration to "strong fiscal management and a hot, record-breaking economy."