With the lowest amount of borrowing since 1996, a budget was passed by the General Assembly in Special Session in May after much debate and compromise. Much of state government will see a 3.5% cut in the first year and a 1% cut in the second year. Our colleges and universities will see a 1.4% cut in the first year and a 1% cut the second year, but the K-12 education funding (SEEK formula) will be held harmless which was a significant priority for me and for the members of the House of Representatives.
The budget also includes a two-year road plan that will sustain progress in construction and maintenance of our highway system. I am pleased to announce that nearly $20 million in highway funds will be dedicated to the KY Route 9 extension and reconstruction. This project is much needed to continue growth and development and increase capacity of the roads in Northern Campbell County.
In addition to the budget, legislation was passed to shore up and make secure our unemployment insurance trust fund over the next 12 years. This important legislation (HB5) will save Kentucky employers $700 million over time.
The current economic circumstances made it necessary that we reduce spending in accordance with the resources available to us. While no one is happy with this budget, it is the best that could be accomplished under the circumstances. Feel free to contact me at 502-564-8100 if you have questions or concerns.