Kentucky Reports Second-Highest Revenue Surplus in State History

Tuesday, July 12, 2022 at 11:17 AM

Kentucky’s fiscal year 2022 General Fund receipts grew at the highest rate in 31 years.

(Frankfort, Ky.) – Kentucky is celebrating record-breaking economic momentum.

Governor Andy Beshear announced Monday that Kentucky’s fiscal year 2022 General Fund receipts grew at the highest rate in 31 years.

The Office of State Budget Director reported 14.6 percent growth over the last year and noted that General Fund receipts totaled $14.7 billion, exceeding the budgeted estimate by $945.4 million.

According to the Office of the Governor, this is the second-highest revenue surplus in state history.

“One of my most important jobs as Governor is to ensure the financial strength and solvency of our great commonwealth – essentially to make sure our financial house is in order,” Gov. Beshear said. “These receipts show that personal income, sales and business income are all going up significantly, and even our road fund is up. My administration has now delivered the highest and second-highest revenue surpluses in the history of Kentucky, thanks to strong fiscal management and a hot, record-breaking economy.”

View the Office of State Budget director’s report at Kentucky - Office of State Budget Director.