Economic Development Economic Development
Actual FY 2024Actual FY 2025Revised FY 2026Recommended FY 2027Recommended FY 2028
SOURCE OF FUNDS
General Fund
Regular Appropriation30,482,20030,251,00029,851,20029,297,50030,933,800
State Salary and Compensation
Allocation259,8001,6002,400
Current Year Appropriation4,000,000
Continuing Approp-General Fund272,076,472233,788,785208,756,500
Reorganization Adjustment230,000
Budget Reduction-General Fund(895,600)
Total General Fund307,048,472264,041,385237,714,50029,297,50030,933,800
Restricted Funds
Balance Forward26,711,20826,601,5421,664,1001,555,200352,200
Current Receipts2,542,5712,672,0113,556,9004,036,7004,101,500
Non-Revenue Receipts(25,000,000)250,000250,000250,000
Total Restricted Funds29,253,7794,273,5535,471,0005,841,9004,703,700
Federal Fund
Balance Forward4,67329,030(35,900)
Current Receipts329,38041,033,818336,900436,000401,000
Total Federal Fund334,05341,062,848301,000436,000401,000
TOTAL SOURCE OF FUNDS336,636,304309,377,786243,486,50035,575,40036,038,500
EXPENDITURES BY CLASS
Personnel Costs12,236,26213,539,16714,630,70016,758,00017,023,300
Operating Expenses2,244,5012,329,3112,684,9002,605,9002,605,900
Grants Loans Benefits58,155,32982,117,256224,615,80015,859,30015,859,300
Debt Service1,698,000634,500
Capital Outlay1,199,900
TOTAL EXPENDITURES75,533,99298,620,234241,931,40035,223,20035,488,500
EXPENDITURES BY FUND SOURCE
General Fund72,576,73254,912,015237,714,60029,297,50030,933,800
Restricted Funds2,652,2372,609,4823,915,8005,489,7004,153,700
Federal Fund305,02441,098,737301,000436,000401,000
TOTAL EXPENDITURES75,533,99298,620,234241,931,40035,223,20035,488,500
EXPENDITURES BY UNIT
Economic Development75,533,99298,620,234241,931,40035,223,20035,488,500
TOTAL EXPENDITURES75,533,99298,620,234241,931,40035,223,20035,488,500
The Cabinet for Economic Development is governed by the Kentucky Economic Development Partnership. The Partnership board has 11 voting members and two non-voting members. The 11 voting members are the Governor, who is chairman, the Secretary of the Finance and Administration Cabinet, the Secretary of the Energy and Environment Cabinet, and eight citizen members appointed by the Governor who represent all sectors of the economic development community. The Secretary of the Cabinet for Economic Development (nominated by the Economic Development Partnership and appointed by the Governor) and the Secretary of the Tourism, Arts and Heritage Cabinet serve as non-voting members.