x
Breaking News
More () »

Report: Pensions fuel Kentucky's $54 billion debt

Republican Auditor Mike Harmon issued a report on Tuesday detailing the various sources of Kentucky's debt.
Credit: Bill Pugliano
Public school teachers and their supporters protest against a pension reform bill outside the Senate chambers at the Kentucky State Capitol on April 2nd, 2018 in Frankfort, KY.

FRANKFORT, Ky. (AP) - Kentucky is more than $54 billion in debt, with estimated unfunded retirement benefits accounting for more than 80 percent of that figure.

Republican Auditor Mike Harmon issued a report on Tuesday detailing the various sources of Kentucky's debt. Pension liabilities were the largest, accounting for $43.3 billion. That's the total number of pension and health insurance benefits Kentucky owes over the next three decades but does not have the money to pay.

RELATED: House speaker dismisses chances for quick pension agreement

RELATED: Group begins meeting to tackle Kentucky's pension problem

About $9 billion is debt supported by state tax dollars, including $3.85 billion for construction projects and $1.81 billion for public universities. About $2.25 billion in debt is supported by bonds, including money for grants, scholarships and student loans.

Harmon says the total debt is more than $12,000 for every person in Kentucky.

Before You Leave, Check This Out