Saturday, January 07, 2012

Why Kentucky's CAFR matters

Another week has passed without Kentucky's Finance and Administration Cabinet releasing its 2011 Comprehensive Annual Financial Report. State law requires that it should have happened by September 30, 2011.

This matters now because it will show clearly that state officials knew what a mess they had made of state finances well before the November elections.  We know that from digging through other reports.

The Commonwealth is buried in debt -- a fact which the CAFR will make abundantly clear -- and we got that way with bipartisan action in Frankfort.

This should have been the biggest issue of the fall campaign, but it wasn't an issue at all because neither of the two main candidates for Governor brought it up.