#kyga22: Statement on General Assembly's approval of historic Rainy Day Fund

The following statement is in response to final passage today of House Bill 1 by the Kentucky General Assembly:

The Bluegrass Institute asked lawmakers to create a “legitimate and credible Rainy Day Fund” to offset the impact of revenue declines and provide stability through economic ups and downs, natural disasters and declared states of emergency.

Today, lawmakers granted that request and made a historic down payment on Kentucky’s future by placing $1.75 billion in the contingency fund as part of the commonwealth’s new $32 billion two-year budget, which takes effect on July 1.

We commend budget chairmen Rep. Jason Petrie, R-Elkton, and Sen Chris McDaniel, R-Ryland Heights, for their leadership in laying a solid foundation upon which to build a stronger fiscal future for Kentucky.

For additional comment, please contact Bluegrass Institute Visiting Policy Fellow Andrew McNeill at amcneill@freedomkentucky.com or (502) 403-7548.