Kentucky

Kentucky

New 2014 TIA Data (Released 3/10/15)

Financial State of Kentucky

Press Release

2013 TIA Data

Financial State of 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

Other Resources

Kentucky Comprehensive Annual Financial Report (Publishing Entity:  Kentucky Finance and Administration Cabinet)

  • Kentucky has only $13 billion assets available to 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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