FRANKFORT, Ky. (AP) — Kentucky officials said Tuesday the state will likely end the 2014 fiscal year with a multimillion-dollar shortfall.
Democratic Gov. Steve Beshear will have to make budget cuts to balance the budget. House budget chairman Rep. Rick Rand said the governor would likely not call the legislature back for a special session.
State officials won't know the size of the shortfall until next month. But with state revenues falling 2.1 percent in May, Kentucky would need an 11.7 percent increase in June to avoid a shortfall. The fiscal year ends June 30.
State Budget Director Jane Driskell blamed the shortfall on individual income tax collections. The state's largest source of revenue has grown by 0.5 percent this year. State officials expected it to grow by 2.4 percent.