Kentucky

Kentucky

Kentucky owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Kentucky does not have enough available assets to cover its debt.   

 “Taxpayer Burden  is each Kentucky taxpayer’s share of state debt, after available assets are tapped 

TIA analyzes both state assets and liabilities, not merely pension debt

Most state debt in the “Taxpayer Burden” is unpaid retirement promises

Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years

Unfunded pensions leave future taxpayers with the bill for services they did not receive

 States hide retirement debt from public view.  See Hidden Retirement Debt: KY vs US average 2009-2013

See more about Kentucky Finaces at the Kentucky Financial State of the State

Other Resources

 

Link to KY CAFR:    Kentucky Comprehensive Annual Financial Report

Publishing Entity:  Kentucky Finance and Administration Cabinet

  • Kentucky has only $13 billion assets availableto pay the state's bills totaling $53 billion
  • To fill its $40 billion financial hole, each Kentucky taxpayer would have to send $32,600 to the state
  • This $32,600 Taxpayer Burden is 90% of an average citizen's personal income of $36,239
  • Kentucky wass among 41 "Sinkhole States," without enough assets to cover their debt in 2013
  • Outbound moves from Kentucky were 55%, which usually means more people are moving out of the state
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