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Kentucky will end the 2022 fiscal year with a budget surplus, the Office of State Budget Director said.
General fund receipts totaled $14.7 billion, which exceeded estimates by more than $900 million, the office said in a statement. Receipts grew by 14.6 percent over last year, making it the highest growth rate in 31 years, the statement said.
"The $945.4 million General Fund revenue surplus is the second highest year on record, exceeded only by the $1.1 billion revenue surplus from last year," state Budget Director John Hicks said.
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Road Fund revenues totaled $1.67 billion, which was 2% more than last year, but just under estimates, officials said.
Kentucky finished the 2022 fiscal year with a budget surplus.
The final budget surplus will be figured when accounting records for expenditures are completed later this month.
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Gov. Andy Beshear credited the revenue surpluses under his administration to "strong fiscal management and a hot, record-breaking economy."
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