Senate adjustment of HB 1 would give retirees a 13th check

Have not a cost of living increase in years

(Story Courtesy of Kentucky Today)

FRANKFORT, Ky. (KT) – It’s something retirees in the state’s public pension program have requested for years, and it’s in the Senate version of House Bill 1, a 13^th check for all retirees since they have not had a cost-of-living adjustment (COLA) for more than 10 years.

$75 million for retirees from the Budget Reserve Trust Fund is in the Senate version of the one-time investment measure, an amount that did not appear in the original bill passed by the House.

Senate Appropriations and Revenue Committee Chair Sen. Christian McDaniel, R-Ryland Heights, presented HB 1, as well as HB 6, the actual two-year state spending plan, and HB 263, which is the legislative branch budget.

“This is a once-in- lifetime opportunity,” McDaniel told his colleagues about the spending plan contained in HB 1. “It’s a testament to the discipline of this chamber, and the financial success that has been created therein. It is my hope that the one-time investments we make with these one-time dollars, will reward the discipline of the past with success in the future.”

Some other large expenditures in HB 1, which total $15 billion include:

--An $890 million transfer to the state road fund. This will support road, bridge, and highway improvements in high-growth counties amid Kentucky's continuing record years of business investment. It will focus on metropolitan districts.

--$150 million for the Commonwealth Center for Biomedical Excellence. The funds support an innovative entrepreneurship and life sciences campus in Covington. The city possesses an emerging cluster of life sciences companies led by CTI Clinical Trial and Consulting Services, Gravity Diagnostics, and Bexion Pharmaceuticals.

--$75 million for nuclear development siting. McDaniel this would help propel Kentucky into a more sustainable and cheaper energy future in its vision to embrace an all-of-the-above approach to lowering Kentucky family's energy costs and supporting Kentucky businesses. It would also attract federal dollars.

HB 6, the Executive Branch budget as amended in the Senate, includes $50 billion for the fiscal year beginning July 1, and $51 billion the following year.

HB 263 budgets the Legislative Branch budget, includes $88 million for the upcoming fiscal year and nearly $92 billion the second year.

All three passed with overwhelming margins, and now head back to the House for them to consider the Senate changes. Since it is not likely the House will agree, then a free conference committee would have to be named to iron out the differences between the two chambers, after which the House and Senate would vote on the final report.

Here are links to the budget bills passed Wednesday:

https://apps.legislature.ky.gov/CommitteeDocuments/71/28719/HB%201_PSS1.pdf (HB 1)

https://apps.legislature.ky.gov/CommitteeDocuments/71/28719/HB%206_PSS1.pdf  (HB 6)