October state tax receipt numbers out Monday showed revenues increased $17 million over the same month in 2007. The problem remains, from the taxpayer’s perspective, that revenues aren’t increasing fast enough to keep up with the increased rate of spending mandated in Frankfort.
As this same scenario continues to play out over the current budget year, it seems that spending cuts, rather than tax increases, would be the preferred prescription to restoring government’s fiscal health.
In other news, state lottery revenues continued their upward climb after this year’s cuts in advertising expenses for the Kentucky Lottery Corporation. The state’s take is up $2.5 million since July.