Gov. Beshear Announces Largest Budget Surplus, Rainy Day Fund and Most Jobs Filled in State History

Nearly all of the $1.55 billion surplus will go into the commonwealth’s Rainy Day Fund.

(Frankfort, Ky.) - Today, Gov. Andy Beshear announced that his administration secured the largest General Fund budget surplus and Rainy Day Fund as well as the most jobs filled in state history.

“We have always talked about building that better Kentucky for our families, and we are doing it. We have a red-hot economy with the most jobs ever filled. We’ve secured record upon record of budget surpluses and the largest Rainy Day Fund ever. We’ve also lowered income and property taxes,” said Gov. Beshear. “My administration is only going to work harder to make sure every corner of the commonwealth shares in this prosperity.”

Last week, the Governor announced the largest ever General Fund revenue surplus, at $1.4 billion. The final accounting records for the spending budget are now complete, bringing the General Fund budget surplus at the end of fiscal year 2023 to more than $1.55 billion.

Nearly all of the $1.55 billion surplus will go into the commonwealth’s Rainy Day Fund, bringing the fund to a record balance of $3.7 billion – a 2,700% increase since Gov. Beshear took office in 2019.

Gov. Beshear also announced an increase of 6,400 jobs filled, bringing the commonwealth to 2,015,600 filled jobs in June. That is a record number of nearly 60,000 more jobs filled than before the pandemic.

The Governor also provided an update on recent flooding; shared good economic news; announced approval for Medicaid mobile crisis intervention coverage; discussed grants to combat addiction; discussed recovery efforts one year after the floods in Eastern Kentucky; and paid tribute to former state Sen. Joe Wright. He also named three Kentucky State Police (KSP) Troopers honored for their work combating drunken driving as this week’s Team Kentucky All-Stars.