FISCAL LITERACY INITIATIVE
Genesis
Treasurer Hollenbach views fiscal reform for the Commonwealth of Kentucky as a question of “when,” not “if.” Moreover, when fiscal reform does occur, having well informed policy makers (and stakeholders) should produce the best fiscal outcomes for Kentucky. Financial literacy is often envisioned in the limited terms of personal financing matters (micro level). However, a complete definition of Financial Literacy should also include the knowledge of state fiscal matters (macro level). Joining those two concepts, Treasurer Hollenbach created a Fiscal Literacy Initiative to bring the latest academic research and fiscal information to Kentucky’s policy makers.
Mechanism
The Fiscal Literacy Initiative is a partnership between The Kentucky State Treasury and the University of Kentucky's Martin School of Public Policy and Administration. The goal of the initiative is to provide the Commonwealth's policy makers the best research and information on fiscal policy options.
History
Treasurer Hollenbach approached Kentucky’s academic thought leaders with the idea of presenting research through a series of webinars. The University of Kentucky’s professors Dr. William Hoyt and Dr. Dave Wildasin thought the idea to have great merit and wanted to associate the initiative with Martin School of Public Policy and Administration. They suggested a more formal symposium format and thus a live symposium on the World Wide Web was conceived.
Funding
The Fiscal Literacy Initiative receives no tax dollars. The professors donate their time, and logistical support is donated from participating agencies. In addition, the symposiums will be ongoing and archived so policy makers will continually have the latest information on a variety of fiscal matters.
Mission
Advocating financial literacy (both macro and micro) was a promise Todd Hollenbach made to the people of Kentucky. The Fiscal Literacy Initiative is one-step to fulfill that pledge. We are hopeful the result of this initiative is a highly informed legislature ready to address the difficult decisions of spending and revenue reform.