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Posted: Friday, 20 December 2013 7:47AM

Modest economic growth strengthening Ky. budget

FRANKFORT, Ky. (AP) — Some of the state's top economists are forecasting that modest growth in Kentucky's economy will add nearly $500 million in revenue to the state's General Fund budget by 2016.

Revenue will swell from more than $9.5 billion in the 2014 fiscal year to nearly $9.8 billion in 2015 before hitting $10 billion for the first time in 2016.

The economists, serving on a government advisory panel known as the Consensus Forecasting Group, reviewed the latest economic trends during a four-hour meeting Thursday, concluding that Kentucky will continue on a path of recovery.

The panel's chairman, Eastern Kentucky University professor Frank O'Connor, described the predicted growth as "just modest, not robust."

O'Connor said he expects more spending on big-ticket items like automobiles as the economy continues to improve.

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Locations : Eastern KentuckyFrankfortKentucky
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