Kentucky governor puts budget surplus in savings
Democratic Kentucky Gov. Steve Beshear announced Tuesday he was putting $82.5 million of the state's $165.4 million budget surplus into a state savings account.
The budget reserve trust fund will have $209.4 million in it after the transfer. That's the most money the fund has had in 10 years. State Budget Director Jane Driskell said the rest of the surplus went to pay for necessary government expenses, including paying for cleanup of major winter storms.
Beshear said the budget surplus highlights Kentucky's solid financial position heading into the November election for a new governor. Beshear cannot seek re-election because of term limits. The state still faces a crisis with its pension system for public school teachers. Beshear said lawmakers need to come up with a plan to address the system's $14 billion unfunded liability.