SENATE BUDGET CHAIR CHRIS MCDANIEL APPLAUDS PROVEN RESULTS OF LAWMAKERS' COMMITMENT TO FISCAL RESPONSIBILITY
FRANKFORT, Ky. (July 11, 2024)—The following is a statement from Senate Budget Chair Chris McDaniel, R-Ryland Heights, upon news that Kentucky will likely have a budget surplus of over $1 billion for the fourth consecutive year after slightly exceeding official revenue forecasts.
"Those of us in the Kentucky General Assembly who have championed fiscal responsibility and conservative policy and tax reform since 2017 remain unsurprised by the economic environment those policies have helped foster.
"I want to thank and applaud my colleagues for their unwavering commitment to ending the long and failed tradition of a tax-and-spend approach to governing that Frankfort was so accustomed to for decades. The legislature has withstood progressive and executive branch pressures to blow through budget reserves, and we have successfully overridden gubernatorial vetoes aimed at stopping commonsense legislation, while remaining steadfast in our goal of fiscal restraint. Remember that this has all been achieved while lowering working Kentuckians' income taxes.
"Today's report shows the sky is not falling; instead, the sky is the limit to Kentucky's economic potential. We can only hope the naysayers, who find it so easy to spend other people's money, will support these proven conservative initiatives in the future, especially if they plan to continue taking victory laps upon seeing the results."
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According to the report from the Office of the State Budget Director, in FY 2024, Kentucky's General Fund receipts reached $15.6 billion, a 2.8 percent increase over the previous fiscal year. This growth resulted in a $423.6 million rise compared to FY 2023 and exceeded the revised revenue estimates by $16.8 million. The state will likely achieve a significant milestone with a fourth consecutive year of an annual budget surplus of over $1 billion.
Road Fund revenues also demonstrated robust growth, totaling $1.874 billion, a 6.9 percent increase from the previous year. Although slightly below the revised FY24 estimates by $7.1 million, the road fund receipts were still $195 million higher than the original budget estimates.
Access the General Fund and Road Fund Receipt Report for FY 2024 at osbd.ky.gov.
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Sen. Chris McDaniel, R-Ryland Heights, represents the 23rd Senate District in northern Kenton County. He serves as co-chair of the Interim Joint Committee on Appropriations and Revenue. McDaniel also serves as an ex officio member of each budget review subcommittee. Additionally, he is a member of the Interim Joint Committees on Local Government; State Government; and Licensing, Occupations, and Administrative Regulations. Finally, he is a member of the Public Pension Oversight Board.
Please visit https://legislature.ky.gov/Legislators%20Full%20Res%20Images/senate123.jpg for a high-resolution .jpeg of McDaniel.
Please visit Legislature.ky.gov for information on Senate Majority Caucus members and the ongoing 2024 Interim, such as committee schedules and membership. Find the calendar by clicking here. Live legislative coverage is available at ket.org/legislature and the Legislative Research Commission YouTube channel.
Access archived footage of 2024 Regular Session meetings at ket.org/legislature/archives.
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