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General Assembly Leaders Reaches Budget Agreement in Early Morning Hours

In the middle of the night, early Thursday morning, Republican and Democratic leadership in the state leadership announced that they had finally reached an agreement on Kentucky's next budget.

Senate President Robert Stivers (R-Manchester) and House Speaker Greg Stumbo (D-Prestonburg) held a news conference to announce the agreement but there were sparse on specifics, waiting to address their respective caucuses first. 

The $22 billion budget would emphasize an effort to fund the various state pension systems and would also impose a 4.5 percent cut to state colleges and universities over the next two years, or 95.5 percent of their current funding level.

Governor Matt Bevin issued a statement at 3:30 a.m.

“We thank Senate President Stivers, House Speaker Stumbo and the members of the conference committee for the hard work that was put into this budget agreement," Bevin said. "For the first time in decades, we can say that Kentucky is investing in our pension system in a meaningful way. We look forward to reviewing the details of the compromise and its final passage.”

The full General Assembly will vote on the budget compromise on Friday.

Some details on what is included in the budget is explained at the Courier-Journal.

-Staff report

Photo: Representatives in the House earlier this month, including Northern Kentucky's Arnold Simpson (D-Covington) and Diane St. Onge (R-Lakeside Park) via Legislative Research Commission