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Headlines : Kentucky
Kentucky Governor Steve Beshear proposes austere state budget
Gov. Steve Beshear proposed an austere state budget that he conceded is "inadequate for the needs of our people" - cutting funding for most state agencies by 8.4 percent while protecting some priority areas.
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Headlines : Kentucky
Casinos no cure-all for state budgets, economists say
The nearly two dozen states that get revenue from casinos have struggled financially during the past three years. All of them cut spending; half raised taxes.
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Headlines : Kentucky
State budget woes make $300M in school funding unlikely
Officials representing most of the state's public education community are pleading for about $323 million in additional funding - even as the outlook for increased spending looks bleak due to a hole in the state budget of about the same amount.
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Headlines : Kentucky
Gov. Steve Beshear says deep budget cuts coming, plugs expanded gambling
Gov. Steve Beshear said that the budget he will propose to lawmakers later this month will include deeper cuts than those in his first term - and he pitched expanded gambling and tax reform as key elements to boost revenue over the long term.
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Headlines : California, Kentucky, New Hampshire , Texas, Michigan, Indiana, Montana, Nevada
Public workers pay to add work time, costing state pensions
In 21 states, certian public employees can increase their pensions by buying credit for extra years, even though they did not work in those years.
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Gov. Steven Beshear
Office of Governor Steven L. Beshear
The Capitol Building
700 Capitol Avenue, Suite 100
Frankfort, KY 40601
Phone: (502) 564-2611
Fax: (502) 564-0437
Mary E. Lassiter, State Budget Director
Governor's Office for Policy & Management
Capitol Annex, Room 284
Frankfort, KY 40601
Phone (502) 564-7300
Fax: (502) 564-6684
www.osbd.ky.gov
2012 Legislative Calendar: Regular Session convenes January 3, adjourns April 9.
Legislative Budget Leaders:
Rep. Rick Rand (R), Chair, House Committee on Appropriations and Revenue; Co-Chair, Joint Committee on Appropriations and Revenue, Rick.Rand@lrc.ky.gov (502) 255-3286
Sen. Bob Leeper (I), Chair, Senate Committee on Appropriations and Revenue; Co-Chair, Joint Committee on Appropriations and Revenue, Bob.Leeper@lrc.ky.gov (270) 554-9637
Sen. Vernie McGaha (R), Vice-Chair, Senate Committee on Appropriations and Revenue, (270) 866-3068
The current state budget can be found here.
Kentucky is required to pass a "balanced budget." Section 171 of State law mandates that for each fiscal year the legislature provide revenue to meet the estimated expenses. Kentucky law forbids the carrying over of a deficit from one year to the next.
Kentucky consists of the following governmental funds: the General Fund, the Transportation Fund, the Federal Fund, the Agency Revenue Fund, the Capital Projects Fund, and the non-major funds (comprised of 5 lesser funds). Budgets are prepared principally on a cash basis and all of the major governmental funds are budgeted except for the Capital Projects Fund. Non-major funds are not budgeted. Six of the ten governmental funds are not budgeted, which is evident from the Kentucky data sheet where actual figures are far from being in sync with budgeted figures. Information necessary for analysis is not all present within Budgetary Comparison Schedules: beginning and ending balances are missing. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Medicaid :
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HEADLINES: Kentucky
State Senate unlikely to agree to House compromise on Medicaid budget
Senate Republicans have said they do not believe that Beshear can generate savings through a series of privately run managed care programs for Medicaid to make up for the loss of funds in the second year of the budget.
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HEADLINES: Kentucky
After day of posturing, lawmakers to negotiate state budget fix on Monday
Both sides are philosophically far apart on how to deal with a potential shortfall in the $6.5 billion Medicaid budget.
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California, Kentucky, New Hampshire , Texas, Michigan, Indiana, Montana, Nevada
Public workers pay to add work time, costing state pensions
In 21 states, certian public employees can increase their pensions by buying credit for extra years, even though they did not work in those years.
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Kentucky
Group highlights six-figure government pensions, calls for more transparency
Estimates show that Kentucky's largest public pensions - 46 of them at $200,000 a year or higher - will go to doctors, scientists, sports coaches and administrators at the state universities.
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Kentucky
Investment returns fall short at state pension funds, raising concerns
The $14 billion Kentucky Retirement Systems, which covers 324,000 state and local government workers, expected a 7.75 percent rate of return but earned only 5.51 percent over the past 10 years.
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Kentucky
Key Kentucky state worker pension fund in distress
The largest pension fund for state workers is considered one of the most troubled public employee pension funds in the country, with administrators having to cash out investments each month to pay benefits.
