Senator Stivers addresses infrastructure projects, KY's current fiscal state at Corbin Rotary
Nov. 6—CORBIN — Kentucky Senate President Robert Stivers addressed the Corbin Rotary Club Thursday, sharing updates on infrastructure projects, economic policies, and workforce development initiatives that are shaping the future of the state. Stivers, who has served as Senate President for over a decade, emphasized the importance of creating a business-friendly environment while maintaining fiscal responsibility.
"We are investing in infrastructure that will build and bring businesses in," he explained, highlighting a commitment to long-term, sustainable growth.
One of the primary topics Stivers discussed was Kentucky's ongoing investment in infrastructure, particularly road construction, which he views as essential for supporting economic growth and addressing congestion issues.
"A lot of people don't see those kinds of things," he remarked, pointing out that these projects often stem from the needs voiced by local communities. "It's the process...the local people bring you the ideas," he explained, emphasizing that road funding originates from local priorities and is ultimately decided through the General Assembly's budget process.
Stivers highlighted the importance of federal-state collaboration in helping fund significant infrastructure projects, mentioning the Brent Spence Bridge as a recent example.
"If the federal government had not stepped in... the state would have had to fund $1.5 billion," he noted, illustrating how partnerships with the federal government ease financial pressures on Kentucky's budget and help prioritize state resources for local needs.
Shifting to economic policies, Stivers described Kentucky's recent tax cuts as part of a broader effort to create a competitive environment for businesses. Since 2016, the state income tax rate has dropped from 6% to 3.5%, a reduction that Stivers views as central to Kentucky's strategy of "investing in infrastructure and opportunities that will help people work and create jobs." He contrasted this approach with "tax-and-spend" policies, advocating instead for targeted investments that he believes support economic stability and growth.
Another key area of focus was the state's tourism sector, which Stivers sees as a powerful driver for bringing out-of-state dollars into Kentucky. With state funding directed toward projects like Williamsburg's water park and Corbin's new conference center, Stivers highlighted the positive ripple effect of tourism.
"Every time you can get a person to come in from out of state, it's what creates jobs and opportunities," he said, pointing out that tourism spending directly benefits local businesses by increasing demand for services like lodging, dining, and entertainment.
Stivers also addressed workforce challenges and the need for robust educational and vocational training to equip Kentucky residents with job-ready skills.
"Technical training in many senses is really much better for some students than going to college," he stated, advocating for more options in career pathways that align with local economic demands.
The senator also hinted at potential legislation that would lower the age for learner's permits, believing this move could offer practical benefits for families and young workers.
Fiscal responsibility remains a guiding principle, according to Stivers, who assured the Rotary Club members that Kentucky's budget is managed with a focus on stability. He emphasized the importance of the Budget Reserve Trust Fund, a safeguard for unexpected expenses.
"We don't spend one-time dollars on recurring expenses," he explained.
With more than $1 billion in reserve, Kentucky is prepared to handle emergencies without jeopardizing long-term financial health.
Turning to the state's pension systems, Stivers acknowledged the significant challenges involved in ensuring sustainable funding but pointed out that progress has been made.
"We started putting in the actuarially required contribution based on the need," he said, adding that the funding ratio for pensions has improved from 9% to nearly 40% in recent years. This step-by-step approach reflects Kentucky's commitment to addressing pension liabilities responsibly and gradually restoring financial balance to these systems.
Stivers concluded his address with an optimistic outlook for Kentucky's future, noting that the state's financial position allows it to respond effectively to federal policy changes or other economic challenges.
"We are in a very good financial position to react to whatever's there," he said.
