Kentucky Statutes 42.4582 – Local government economic development fund — Adjustment for quarterly transfers — Schedule of transfers from general fund
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(1) There is hereby established in the State Treasury a fund entitled “Local Government Economic Development Fund.” The fund may receive state appropriations, gifts, grants, and federal funds and shall be disbursed by the State Treasurer upon the warrant of the secretary of the Finance and Administration Cabinet. Any unallotted or unencumbered balances in the fund shall be invested as provided for in KRS
42.500(9). Income earned from the investments shall be prorated for grants to counties according to the allotment schedule set out in KRS § 42.4592.
(2) (a) Moneys shall be transferred from the general fund in an amount equal to fifty percent (50%) of the severance and processing taxes on coal collected annually, unless otherwise amended by the budget bill.
(b) The transfers shall be made quarterly, based upon the revenue estimates prevailing at the time each quarterly transfer is due. Each quarterly transfer shall be adjusted to account for refunds by determining the total amount of refunds paid in the prior fiscal year, dividing that amount by four (4), and reducing each transfer by this amount. The last quarterly transfer shall be made after the close of the fiscal year accounting records, and shall be adjusted to provide the balance of the annual transfer required by this subsection.
(c) The quarterly calculation and transfer of funds pursuant to this section shall be made only after distribution of the quarterly installment of the annual amount from the prior calendar year allowed as an incentive to an approved company under KRS § 143.024 and KRS § 154.27-060.
Effective: July 1, 2016
History: Amended 2016 Ky. Acts ch. 110, sec. 2, effective July 1, 2016. — Amended
2012 Ky. Acts ch. 110, sec. 13, effective April 11, 2012. — Amended 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 15, effective August 30, 2007. — Amended 1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 76, effective December 12, 1996. — Amended 1996
Ky. Acts ch. 101, sec. 3, effective July 15, 1996. — Created 1992 Ky. Acts ch. 107, sec. 4, effective July 1, 1992.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (1) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (2) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (4) at 1641.
Legislative Research Commission Note (7/15/96). The reference to KRS § 45.4592 at the end of subsection (1) of this statute has been corrected to read KRS § 42.4592, remedying an inadvertent misnumbering in codification. See 1992 Ky. Acts ch. 107, secs. 4 and 7.
42.500(9). Income earned from the investments shall be prorated for grants to counties according to the allotment schedule set out in KRS § 42.4592.
Terms Used In Kentucky Statutes 42.4582
- 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
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Year: means calendar year. See Kentucky Statutes 446.010
(2) (a) Moneys shall be transferred from the general fund in an amount equal to fifty percent (50%) of the severance and processing taxes on coal collected annually, unless otherwise amended by the budget bill.
(b) The transfers shall be made quarterly, based upon the revenue estimates prevailing at the time each quarterly transfer is due. Each quarterly transfer shall be adjusted to account for refunds by determining the total amount of refunds paid in the prior fiscal year, dividing that amount by four (4), and reducing each transfer by this amount. The last quarterly transfer shall be made after the close of the fiscal year accounting records, and shall be adjusted to provide the balance of the annual transfer required by this subsection.
(c) The quarterly calculation and transfer of funds pursuant to this section shall be made only after distribution of the quarterly installment of the annual amount from the prior calendar year allowed as an incentive to an approved company under KRS § 143.024 and KRS § 154.27-060.
Effective: July 1, 2016
History: Amended 2016 Ky. Acts ch. 110, sec. 2, effective July 1, 2016. — Amended
2012 Ky. Acts ch. 110, sec. 13, effective April 11, 2012. — Amended 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 15, effective August 30, 2007. — Amended 1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 76, effective December 12, 1996. — Amended 1996
Ky. Acts ch. 101, sec. 3, effective July 15, 1996. — Created 1992 Ky. Acts ch. 107, sec. 4, effective July 1, 1992.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (1) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (2) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (4) at 1641.
Legislative Research Commission Note (7/15/96). The reference to KRS § 45.4592 at the end of subsection (1) of this statute has been corrected to read KRS § 42.4592, remedying an inadvertent misnumbering in codification. See 1992 Ky. Acts ch. 107, secs. 4 and 7.