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KY has a nearly $200M budget surplus

By Tom Loftus, Louisville Courier Journal

Kentucky tax revenues outperformed expectations in the recently ended fiscal year, leaving the state with a $194.5 million surplus on July 1. The surplus should allow the state to cover some unbudgeted expenses, transfer $70 million to the Teachers' Retirement System medical insurance fund, and give a little help to the state's most troubled pension plan, which provides retirement benefits for most state workers.

While the surplus is good news, it represents less than 2% above the $11.2 billion in tax revenue already anticipated during the fiscal year, and it will have only a tiny effect on Kentucky's long-term financial problems caused by the $42.7 billion in unfunded liabilities for its retirement plans.

Full story at courier-journal.com.




This story was posted on 2019-07-12 15:13:11
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