Governor Andy Beshear unveiled his “Better Kentucky” budget during a State of the Commonwealth and Budget Address Thursday night that was pre-recorded and presented virtually to a socially-distanced joint session of the state House and Senate.
Governor Beshearis proposing a fast-tracked bill to immediately make available $220 million in the Better Kentucky Small Business Relief Fund for small businesses who have experienced loss due to the pandemic.
The governor’s proposed one-year budget would authorize $48 million in CARES Act funding to those who have waited weeks or months to receive unemployment benefits and to help those who missed out on the federal government’s Lost Wages Assistance Program because they made too little.
There’s also funding to upgrade the state’s unemployment insurance system, whose computer programs are woefully out of date.
He also calls for using $272 million in one-time funds to improve infrastructure and create thousands of jobs, and $50 million to fund last-mile broadband coverage.
Beshear’s budget includes $1,000 pay raises for public school teachers and staff, 1 percent pay raises for state employees and it doesn’t rely on new taxes, new revenue sources or any additional spending cuts.
He is asking legislators to legalize medical marijuana and sports betting and to “save” historical horse racing, which was deemed unconstitutional in some forms last year by the Kentucky Supreme Court.
The governor says 2021 is likely one of the most important and formative years for Kentucky in a generation.
House Speaker David Osborne and Senate President Robert Stivers appeared on KET following the address and expressed fears of revenues being too optimistic, as Kentucky is currently doing better than expected in large part to large cash infusions from one-time CARES Act funding.
It’s important to note the General Assembly is now tasked with crafting a final one-year budget and will begin the work to get it to the governor’s desk prior to the veto recess.