Not a typo: Kentucky government "net worth" dropped $24 billion last year

A new financial report issued today by the Bevin administration shows Kentucky state government's net financial position dropped from just over $10 billion in 2014 to just over negative $14 billion in 2015. The difference is largely a result of honestly accounting for unfunded pension liabilities for the first time.

The prior seven years under former Gov. Steve Beshear saw government's reported net position drop steadily from a high of $16.2 billion in 2008 to $10.057 in 2014, but those numbers concealed the pension wreckage in a document called Kentucky's Comprehensive Annual Financial Report (CAFR).

The Bevin CAFR also revealed state revenues for the fiscal year ending in June were at an all-time high, but that spending was even higher which resulted in a real deficit of $603 million, despite earlier official claims to the contrary.

"Trust in government depends on honest accounting, which didn't happen much under Beshear's smoke and mirrors regime," said Kentucky Progress publisher David Adams. "Cutting back Beshear's excess starts with eliminating Beshear's deceptions."