Translate

December 27, 2012

Kentucky's CAFR - 1136 pages of reasons 'Unbridled Spirit' is not a good slogan

Kentucky's CAFR is out, (that's the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2012), and it looks like we may have had better years. 

David Adams, who blogs at Kentucky Progress,  has already seized on his messaging and sent this out from
Kentucky Knows Best PAC:
"Kentucky state government quietly reported to bankers on Thursday that, despite record General Fund revenues in FY 2012, the $46 million budget surplus they crowed about to newspapers in July was actually swallowed up by an $870.6 million overspending of available revenues.

The new report, which will supposedly be released to the public next week, also shows an increase in bonded indebtedness of $267.6 million. The report lists retirement fund current assets and liabilities, but not the enormous future obligations or current underfunding."
Speaking of retirement funds, there's a lot of restating going on, from p 72 of 1136:

"Kentucky Employees Retirement System Pension Funds–Kentucky Employees Retirement System Pension Funds’ net assets have been restated to correct accrued contributions at June 30,
2011, resulting in a decrease of $12,813,000.


County Employees Retirement System Pension Funds – County Employees Retirement System Pension Funds’ net assets have been restated to correct accrued contributions at June 30, 2011, resulting in a decrease of $49,385,000.


State Police Retirement System Pension Funds – State Police Retirement System Pension Funds’ net assets have been restated to correct accrued contributions at June 30, 2011, resulting in a
decrease of $645,000. 


Kentucky Employees Retirement System Insurance Funds –Kentucky Employees Retirement System Insurance Funds’ net assets have been restated to correct accrued contributions at June 30, 2011, resulting in a decrease of $7,626,000.
 

County Employees Retirement System Insurance Funds –County Employees Retirement System Insurance Funds’ net assets have been restated to correct accrued contributions at June 30, 2011, resulting in a decrease of $40,244,000. 

State Police Retirement System Insurance Funds – State Police Retirement System Insurance Funds’ net assets have been restated to correct accrued contributions at June 30, 2011, resulting in a decrease of $580,000.

Restatement of all Pension (and other Post Employment Benefit) Trust Funds result in an overall decrease in net assets of
$111,293,000."


Download the 1136 page pdf here.

No comments:

Post a Comment