Frankfort's $916 million "oops"
Kentucky state government quietly reported to bankers on Thursday that, despite record General Fund revenues in FY 2012, the $46 million budget surplus
they crowed about to newspapers in July was actually swallowed up by an $870.6 million overspending
of available revenues.
The new report, which will supposedly be released to the public next week, also shows an increase in bonded indebtedness of $267.6 million. The report lists retirement fund current assets and liabilities, but not the enormous future obligations or current underfunding.
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Thank you and here's hoping you have a very Happy New Year!