Wednesday, January 11, 2012

Frankfort 2011 debt increase largest in history

Governor Steve Beshear's administration today finally released details on state finances for fiscal year 2011 showing a net increase in state bonded debt of $908 million, a state record.

This figure doesn't include the billion dollar debt owed to the federal government for unemployment benefits or the tens of billions in unfunded public employee benefits.

As of June 30, 2011, the end of FY11, the state's total bonded debt was $7.96 billion. The largest single component of the outstanding debt is the Kentucky Housing Corporation.

These facts will likely continue to escape public notice due to the timing of their release. State government has had these figures since last summer