While the state’s governor has some sway in creating law and generating budgetary priorities, Kentucky’s biennium plan sees most of its work completed in the legislative branch — where the House and Senate tote and vote on bills.
District 16 Representative Jason Petrie, serving part of Christian, Todd and Logan counties, also serves as co-chair for the Interim Joint Appropriations & Revenue Committee.
As such, he has a bird’s-eye view on how the budget goes from kneading the dough, to baking the cake.
And this is especially true as legislators navigate the triggers related to House Bill 8 and House Bill 360, which over the last two years made significant changes to how various services are taxed within the Commonwealth — in conjunction with the lowering of the income tax.
At the moment, and though it’s early in the 60-day session, Petrie said the process is going particularly well — save a couple of snafus regarding data points.
Good news to the ears of taxpayers, Petrie said Kentucky currently has a budget surplus north of $3.7 billion, and that there are projections for north of $1 billion more at the end of this fiscal year.
The challenge, he said, is finding a balanced ledger.
Petrie also noted that one of the biggest hurdles of the entire process is the ranking of immediate priorities, and putting them up against fiscal forecasts in a number of constituent categories.
Particular subjects that could receive major attention this spring, aside from sales and income tax, include education needs, the pay and protections of first responders and law enforcement, continued economic development and more.
