Kentucky State Surplus Mostly Going Towards Pension System

Monday, July 29, 2019 at 7:25 AM

The state recently announced their 2019 surplus to be around $200 million.

(Frankfort, Ky.) - Kentucky's state budget office says most of the commonwealth's 2019 fiscal year surplus will go to the state's pension system.

Governor Matt Bevin announced last week that the state's surplus is near 200 million dollars, reports the NKY Tribune.

The state budge office says $70 million will go to the Teachers Retirement System to help with post retirement health insurance. Another $60 million will be dedicated to Kentucky employees unfunded pension liability fund.

The state also plans to use the 2019 surplus for coal severance tax to coal counties, mineral severance tax to mineral counties and lottery receipts to need-based scholarships.

The state budget office attributed the state's revenue growth in 2019 to statewide economic development efforts and tax reform policies that broadened the tax base and modernized the tax rate structure.

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