Officials tweak revenue forecast as Kentucky wages increase

Kentuckians are earning more money, and state officials will soon be making plans to spend it.
    
Wednesday a group of state economists added more than $222 million to the state budget that ends June 30.  They also approved revenue estimates for the first two years of Republican Gov. Matt Bevin’s administration. Bevin will have $10.6 billion to spend in the 2016-17 fiscal year and $10.8 billion to spend the year after that.
    
Analysts expect Kentuckians’ personal income to increase at least 4 percent next year, meaning they will pay more in income taxes. Since 2003, Kentuckians’ income has risen on average 3.1 percent each year.
    
Justin Tapp with the governor’s office for economic analysis said employers have been increasing wages in an attempt to attract qualified people to fill open positions.

Related Articles

Man arrested in Halloween mask robberies investigation A man believed to be one of two who robbed a convenience store while wearing Halloween masks has been arrested, Carbondale police announced Wednesday.
Ex-employee pleads not guilty to helping Eric Conn escape An ex-employee of fugitive Kentucky lawyer Eric Conn has pleaded not guilty to charges of helping the attorney escape before his sentencing in a Socia...
UofL board votes to fire Tom Jurich as athletic director The University of Louisville Board of Trustees has voted 10 to 3 to terminate Athletic Director Tom Jurich. The announcement was made Wednesday.
Kentucky seeks big pension changes to stem tide of red ink Most of Kentucky's future public employees would not get guaranteed pension payments under a deal announced Wednesday by the state's Republican leader...