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The Kentucky Budget Outlook Presentation to the Friedell Committee November 10, 2013

The Kentucky Budget Outlook Presentation to the Friedell Committee November 10, 2013. Source: KCEP analysis of Office of the State Budget Director data, Consensus Forecasting Group October Estimate. Barriers to the Budget Kentucky Needs. Source: Office of the State Budget Director.

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The Kentucky Budget Outlook Presentation to the Friedell Committee November 10, 2013

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  1. The Kentucky Budget Outlook Presentation to the Friedell Committee November 10, 2013

  2. Source: KCEP analysis of Office of the State Budget Director data, Consensus Forecasting Group October Estimate

  3. Barriers to the Budget Kentucky Needs

  4. Source: Office of the State Budget Director

  5. Source: KCEP analysis of Economic Policy Institute data

  6. Source: KCEP analysis of Economic Policy Institute data

  7. Source: KCEP analysis of Economic Policy Institute data

  8. Source: KCEP analysis of Economic Policy Institute data

  9. Source: KCEP analysis of Office of the State Budget Director, BEA data

  10. Source: Center on Budget and Policy Priorities

  11. Source: KCEP analysis of Office of the State Budget Director data

  12. Source: Kentucky Council on Postsecondary Education

  13. Health & Human Services Cuts • Rapid transition to Medicaid managed care • Mental health appropriations not increased for 14 years, Medicaid rates frozen since 2001 • Public health department funding 23% below 2008 level • Cut to child care subsidies to lowest income eligibility in country

  14. Source: KCEP analysis of the Budget of the Commonwealth

  15. Source: Kaiser Family Foundation State Health Facts

  16. Source: KCEP analysis of Council on Postsecondary Education data

  17. Source: KCEP analysis of Kentucky Retirement Systems data

  18. Source: CFG October forecast, June 27 Office of the State Budget Director presentation

  19. Tax Commission Recommendations • $659 million in net new revenue (8% of General Fund) • $475 million is from reducing deductions/exclusions in income tax • 15% refundable EITC • Elimination of property tax limit • Expansion of sales tax to some services • Tobacco tax increase • Utilities gross receipts tax for education

  20. Moving Forward with Tax Reform Kentucky Center for Economic Policy www.kypolicy.org 859-986-2373 jbailey@kypolicy.org

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