(WKYT) – Kentucky Gov. Andy Beshear proposed Tuesday using $1.7 billion in forecasted revenue to fund a variety of social programs.
The Consensus Forecasting Group revised its General Fund revenue estimates for fiscal years 2027 and 2028 and now predicts the estimates will be higher than expected.
The estimate for 2027 is $997.9 million higher than expected, and the revenue total for the year is now projected to be $16.9 billion; the estimate for 2028 is $708 million higher than forecast, and the revenue total for that year is now $17 billion.
The governor celebrated the totals in a statement.
“Thanks to strong fiscal management by my administration and our surging economy, Kentucky is in a strong position, and today’s revision by the Consensus Forecasting Group confirms that,” Beshear said.
The revised estimates reflect a $476 million surplus from the last fiscal year and $350 million in corporate tax payments to the commonwealth, which led the state budget director to write a letter to CFG requesting those estimates.
Beshear wants to see the funds go toward programs like Medicaid, fully funded senior meals, implementing Pre-K for All and other programs during the next legislative session.
His administration will develop a detailed plan in the coming months for how to use the funds to offset what Beshear said are hardships caused by poor federal policy.
“Hardworking families across the country continue to struggle because of President Trump’s harmful tariffs, cuts to healthcare and ongoing war of choice. I am going to make sure these dollars go directly to the areas that help lift up Kentuckians during this challenging time, because that’s the right thing to do,” Beshear said.