Report: State Looking at Kentucky Fund's Finances

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A probe into the finances of the Kentucky Health and Welfare Fund, created by legislation in 1978, is almost complete, state officials told the Louisville Courier-Journal. The charity, funded by uncashed pari-mutuel tickets, has about $7 million in its account.

In its evaluation, the Kentucky Auditor of Public Accounts is looking at the purchase of an old school in Louisville for $475,000, the newspaper reported. The former owners had paid $39,000 for it at auction. Rep. Tom Burch, who sponsored the bill that formed the Health and Welfare Fund, earlier this year wrote the Kentucky Racing Commission to question the purchase price of the building, the newspaper said.

Renovation of the old school is being financed by the Louisville Department of Housing, the Health and Welfare Fund, and private investors who can reap tax credits.

Though other details of the state probe weren't released, officials told the Courier-Journal they want to make sure the Health and Welfare Fund has complied with the law and is making proper use of taxpayers' money.

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