State Revenue Forecasters Predict Further Decline
From Kentucky Public Radio's Tony McVeighEconomic experts who advise Kentucky lawmakers and the governor are revising downward this fiscal year’s state revenue estimates.The Consensus Forecasting Group now projects state revenue collections this fiscal year will be 82-million dollars less than predicted in May. Group Chairman Larry Lynch says the national economy may be showing signs of recovery, but that’s not necessarily the case in Kentucky.“Kentucky is lagging behind the nation in coming out of the recession – assuming that the nation – you know, this could be false signals that the nation is leveling off," says Lynch. "You know, things could get worse.”The forecasting group does see brighter days ahead. State revenue growth projections for the next four fiscal years range from two-point-five percent in 2011 to more than three percent in each of the three years thereafter.