FRANKFORT, Ky. — Kentucky's latest economic momentum isn't slowing down by any means. Gov. Andy Beshear on Monday announced the state's fiscal year 2022 General Fund receipts grew at the highest rate in 31 years.

In a press release, Beshear said the Office of State Budget Director reported 14.6% growth over last year and noted that General Fund receipts totaled $14.7 billion—exceeding the budgeted estimate by $945.4 million.

That marks the second-highest revenue surplus ever, surpassed only by last year’s record amount. The budget surplus is expected to be even higher once the books are closed on spending later this month, Beshear said.

“One of my most important jobs as Governor is to ensure the financial strength and solvency of our great commonwealth – essentially to make sure our financial house is in order,” Gov. Beshear said. “These receipts show that personal income, sales and business income are all going up significantly, and even our road fund is up."

Beshear also noted that, once the books are closed later this month, the state’s Rainy Day fund is expected to reach almost $2.7 billion. When he took office, that fund was at $129 million.

“We’re seeing more jobs and better wages for Kentuckians, which allow more people to put food on the table and live the lives they want and deserve,” Gov. Beshear said.

In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years.