Governor Steve Beshear called a press conference today to announce that the state sold a 2.1 acre lot in Frankfort to Franklin County for $78,750. He added that the state has sold state property worth a total of $7.45 million since January 2010.
Apparently, no one asked him on follow-up about next week’s expected $362 million Kentucky State Property and Buildings bond offering. And that’s too bad, in the interest of painting an accurate fiscal picture, because about a third of that money represents debt restructuring Beshear and the General Assembly are using to make the state budget appear balanced.
Additional taxpayer costs generated by this smoke-and-mirrors game total around $30 million. Neither of the gubernatorial campaigns have drawn attention to this fact. Go figure.