Frankfort, Ky. – Gov. Matt Bevin has cut $112.5M from the Kentucky Transportation Cabinet’s budget in order to compensate an estimated shortfall in road fund revenues.
The cuts are for this fiscal year and represent over 5 percent of the cabinet’s budget.
The order cites a report from the Consensus Forecasting Group in December 2015, which estimates official road fund revenue for the fiscal year will be about $112.5 million less than previous estimates. The cuts are “necessary to prevent a deficit in the finances of the Commonwealth,” according to the order.
Over $62 million in cuts come from a revenue-sharing program that issues money to counties and cities for smaller road projects.