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Kentucky Gov. Andy Beshear, Ohio Gov. Mike DeWine and U.S. Senate Republican Leader Mitch McConnell announced today that the Brent Spence Bridge Corridor Project was awarded federal funding grants worth more than $1.6 billion, giving the landmark bridge and corridor project the green light to move toward construction.
On December 14, 2022, the state’s Consensus Forecasting Group (CFG), a group of financial experts, revised the state General Fund revenue estimates upward by $1.4 billion in the current fiscal year and by $1.3 billion in fiscal year 2024. The estimates yield total revenues of $15.2 billion this fiscal year and $15.5 billion next fiscal year. These are expected to be the four largest budget surpluses in the commonwealth’s history and will bring the state’s rainy day fund up to over $3 billion at the end of fiscal year 2023 and nearly $4 billion at the end of fiscal year 2024. These figures also represent growth rates of 3.4% for the 2023 fiscal year and 1.7% for fiscal year 2024.
Executive Cabinet Secretary and State Budget Director John Hicks said that these positive numbers result from economic improvement of households and businesses, as well as recentstrong revenue trends, and increased forecasts in individual income taxes, sales taxes and business taxes.
“One area of the economic assumptions highlighted in the CFG’s deliberations is that manufacturing employment in Kentucky will do better than the Unites States as a whole. And that data does not incorporate the manufacturing announcements like the Ford/BlueOval SK battery plants,” Secretary Hicks said.
Gov. Andy Beshear and Lt. Gov. Jacqueline Coleman updated Kentuckians on continued General Fund growth; economic development progress; the Education First Plan; the Bowling Green Veterans Center; disaster recovery and rebuilding efforts; the 200th anniversary of the founding of Calloway County; nonprofit assistance; kynect open enrollment coverage; funds to improve railroad crossings; Eddyville Riverport funding; and COVID-19.
S&P improves rating outlook from stable to positive for Kentucky issuers.
The meeting notice for Calendar Year 2022 Kentucky Private Activity Bond Allocation Committee (KPABAC) allocation of Volume Cap has been posted to the OFM website. If interested, please use the link attached below.
Governor Beshear delivered his budget address and called on lawmakers to make record investments, build a better education system, and grow jobs for the future.
The notice for Calendar Year 2022 Kentucky Private Activity Bond Allocation Committee (KPABAC) Volume Cap has been posted to the OFM website. Posted along with the notice is the application form. If interested, please use the link attached below.
Today, President Joseph R. Biden, Jr. declared that a major disaster exists in the Commonwealth of Kentucky and ordered Federal aid to supplement Commonwealth and local recovery efforts in the areas affected by severe storms, straight-line winds, flooding, and tornadoes beginning on December 10, 2021, and continuing.
The President’s action makes Federal funding available to affected individuals in the counties of Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren.
Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster.
Federal funding also is available to Commonwealth and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work in the in the counties of Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren.
Lastly, Federal funding is available on a cost-sharing basis for hazard mitigation measures for the entire commonwealth.
Deanne Criswell, Administrator, Federal Emergency Management Agency (FEMA), Department of Homeland Security, named John Brogan as the Federal Coordinating Officer for Federal recovery operations in the affected areas.
Damage assessments are continuing in other areas, and more counties and additional forms of assistance may be designated after the assessments are fully completed.
Residents and business owners who sustained losses in the designated counties can begin applying for assistance tomorrow by registering online at http://www.DisasterAssistance.gov or by calling 1-800-621-FEMA (3362) or 1-800-462-7585 (TTY) for the hearing and speech impaired. The toll-free telephone numbers will operate from 7 a.m. to 10 p.m. (local time) seven days a week until further notice.
FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.
Kentucky Public Transportation Infrastructure Authority and Turnpike Authority of Kentucky are planning two refunding revenue bond sales.
In this podcast Governor Beshear did not discuss bonds, but instead mostly gave a marketing piece for Kentucky as well as promoting Covid response. In the podcast Governor Beshear made several references to KY being a post Covid business leader.
March 24, 2021 - Fitch Ratings has assigned a 'BBB' rating to the Kentucky Public Transportation Infrastructure Authority (KPTIA) approximately $185 million first tier toll revenue refunding bonds Series 2021A and has upgraded the ratings to ‘BBB’ from ‘BBB-‘ for both the KPTIA outstanding $336 million first tier toll revenue bonds and $446 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan. The Rating Outlook to all obligations are revised to Positive from Stable.
March 30, 2021 - Moody's Investors Service has assigned a ‘Baa2’ rating to the Kentucky Public Transportation Infrastructure Authority (KPTIA) $185 million First Tier Toll Revenue Refunding Bonds, Series 2021A (Downtown Crossing Project). At the same time, Moody's has upgraded the ratings to ‘Baa2’ from ‘Baa3’ for both the KPTIA outstanding $365 million first tier revenue bonds and $452 million third lien TIFIA loan. The outlook has been revised to stable from positive.
The Commonwealth of Kentucky Office of Financial Management (OFM), is requesting the submission of qualifications for underwriter, financial advisor, local co-manager and bond counsel services. Firms pre-qualified through the Request for Qualifications (RFQ) process will be eligible to receive a Request for Proposals (RFP) for services provided to bond issuing agencies of the Commonwealth for financings in Fiscal Year 2022 (July 1, 2021 to June 30, 2022) and Fiscal Year 2023 (July 1, 2022 to June 30, 2023). The RFQs will be available on January 13 for review in their entirety on OFM’s website at: http://finance.ky.gov/services/ofm/Pages/OFMRFPsandRFQs.aspx
To obtain copies of the RFQs, email Aubry McDonald at Aubry.McDonald@ky.gov Responses to the RFQs are due no later than 2 p.m. on February 10, 2021.
The Governor delivered his combined State of the Commonwealth and Budget Address in a virtual speech recorded in his office due to coronavirus restrictions and delayed a day by the attack on the U.S. Capitol by domestic terrorists.
Members of the Consensus Forecasting Group revised the official enacted FY 2021 General Fund and Road Fund estimates and adopted official estimates
Actions taken by Governor Beshear since the first case of novel coronavirus disease 2019 (COVID-19) was confirmed in Kentucky.
Governor Beshear: State’s Future Depends on Kentuckians Working Together
Kentucky's new statutory lien law credit positive for local governments
Ruling on a Kentucky pension plan viewed as credit positive for state