FRANKFORT, Ky. (AP) - Republican Gov. Matt Bevin says Kentucky's two-year state spending plan must go beyond break even, calling for the state to generate more money to fix the multi-billion shortfalls that threaten to collapse its public retirement systems.
Bevin said in an interview with The Associated Press that his plan to fix the retirement systems will not raise taxes. But it will rely on scooping up any and all excess state revenue to devote to the pension crisis. That means other programs might not get the increases they requested or, in some cases, could have their budgets cut.
Bevin is scheduled to unveil his first budget proposal to the state legislature in a televised speech Tuesday. The teachers' retirement system alone needs an extra $1 billion over the next two years.