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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
Source: KCEP analysis of Office of the State Budget Director data, Consensus Forecasting Group October Estimate
Source: KCEP analysis of Office of the State Budget Director, BEA data
Source: KCEP analysis of Office of the State Budget Director data
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
Source: KCEP analysis of Council on Postsecondary Education data
Source: CFG October forecast, June 27 Office of the State Budget Director presentation
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
Moving Forward with Tax Reform Kentucky Center for Economic Policy www.kypolicy.org 859-986-2373 jbailey@kypolicy.org