FRANKFORT, Ky. (AP) — The mayors of Kentucky's two largest cities called on state lawmakers Monday to enact reforms that would help curb pension obligations that are crippling budgets in Lexington and Louisville.
Pension payments have ballooned over the past decade in Lexington and now account for 20 percent of the city's annual budget, Mayor Jim Gray said. Lexington's obligations were just 6 percent of the budget in 2000.
"Our pension costs have spiraled out of control," Gray said during a news conference in Frankfort with mayors and other local leaders. "It is the biggest financial issue our city faces."
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