(WKYT) – The state’s budget director told lawmakers Wednesday the recently closed fiscal year ended with more than $470 million above revenue estimates.
Kentucky Budget Director John Hicks briefed members of a joint interim committee of the House and Senate Appropriations Committees.
He opened by describing the state’s financial position as “a good revenue story.”
Hicks said the fiscal year, which ended in June, finished stronger than expected, with revenues coming in more than $470 million above estimates.
He attributed part of the surplus to income tax performance, which was up 4.6 percent.
“In essence, people wrote more checks than claimed refunds,” Hicks said. “Right, so they understated their tax liability. Which means things were doing better than they thought.”
Hicks said the state’s Budget Reserve Trust Fund currently stands at $3 billion.