(1) If a qualifying local government unit reduces its general tax effort for any fiscal year, below the level of fiscal year 1991-92, that governmental unit shall forfeit funds that would otherwise be available under the provisions of KRS § 42.450 to
42.495 on a dollar-for-dollar basis.

Terms Used In Kentucky Statutes 42.495

  • 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
  • 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.
  • Year: means calendar year. See Kentucky Statutes 446.010

(2) For purposes of this section, “general tax effort” shall mean the total revenues raised in fiscal year 1991-92 from the levy of all of the taxing district’s taxes in fiscal year 1991-92. Taxes based upon the 1991 assessment of property shall be considered to be taxes levied and collected for fiscal year 1991-92.
Effective: July 1, 1992
History: Amended 1992 Ky. Acts ch. 107, sec. 11, effective July 1, 1992. — Created
1980 Ky. Acts ch. 394, sec. 10, effective July 1, 1980.
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.

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