Kentucky Statutes 48.400 – Office of State Budget Director to monitor financial condition of Commonwealth — Quarterly reports — Notification of actual or anticipated surplus or decrease in tax receipts
Current as of: 2024 | Check for updates
|
Other versions
(1) The Office of State Budget Director shall continuously monitor the financial situation of the Commonwealth. Based upon reports from budget units and its own estimates, the office shall no later than the tenth day of each month or more often if necessary, report to the Governor, the Chief Justice, and the Legislative Research Commission on the financial condition of the Commonwealth and its budget units.
(2) Within thirty (30) days of the close of each fiscal quarter, the state budget director shall report to the head of each branch budget the actual revenue receipts from the just-concluded quarter, as well as the projected revenue receipts for the next three (3) fiscal quarters. The report shall include a comparison with the enacted estimates and shall note any potential consequences to the Commonwealth’s fiscal condition as a result of revenue receipts that differ from those used in the enacted estimates.
(3) If there is an actual or anticipated surplus or decrease in total estimated tax receipts, as reflected in the report required by subsection (2) of this section, immediate notification shall be given to all branches of government.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 78, sec. 12, effective June 25, 2009. — Amended
2000 Ky. Acts ch. 46, sec. 18, effective July 14, 2000. — Amended 1994 Ky. Acts ch.
387, sec. 3, effective July 15, 1994. — Created 1982 Ky. Acts ch. 450, sec. 23, effective July 1, 1983.
(2) Within thirty (30) days of the close of each fiscal quarter, the state budget director shall report to the head of each branch budget the actual revenue receipts from the just-concluded quarter, as well as the projected revenue receipts for the next three (3) fiscal quarters. The report shall include a comparison with the enacted estimates and shall note any potential consequences to the Commonwealth’s fiscal condition as a result of revenue receipts that differ from those used in the enacted estimates.
Terms Used In Kentucky Statutes 48.400
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- Budget: means the complete financial plan for each fiscal year contained in a branch budget bill provided for by this chapter. See Kentucky Statutes 48.010
- Enacted estimates: means the revenue estimates used by the General Assembly as the basis for appropriations made in the enacted branch budget bills. See Kentucky Statutes 48.010
- Month: means calendar month. See Kentucky Statutes 446.010
- Receipts: includes the following:
(a) "Nonrevenue receipts" means values accruing that either decrease an asset or create a liability. See Kentucky Statutes 48.010 - Revenue receipts: means values accruing as a result of taxation or revenues, or both, and without resultant increase in liabilities or decrease in assets, whether such values are represented by cash actually received or by amounts due and payable, or partly by each. See Kentucky Statutes 48.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Surplus: means the undesignated fiscal year ending fund balance for the general fund or road fund, reduced by amounts designated to carry forward for appropriation in a subsequent fiscal year. See Kentucky Statutes 48.010
(3) If there is an actual or anticipated surplus or decrease in total estimated tax receipts, as reflected in the report required by subsection (2) of this section, immediate notification shall be given to all branches of government.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 78, sec. 12, effective June 25, 2009. — Amended
2000 Ky. Acts ch. 46, sec. 18, effective July 14, 2000. — Amended 1994 Ky. Acts ch.
387, sec. 3, effective July 15, 1994. — Created 1982 Ky. Acts ch. 450, sec. 23, effective July 1, 1983.