(1) If an official revenue estimate is issued reflecting a revenue shortfall in the general fund or road fund of five percent (5%) or less, or if there is an actual revenue shortfall at the close of a fiscal year in the general fund or road fund of five percent (5%) or less, as determined by the Office of State Budget Director, the Governor, the Chief Justice, and the Legislative Research Commission shall make any appropriation reductions for the budget units of their respective branches of government in accordance with the budget reduction plan included in the enacted branch budget bill.
(2) No budget revision action shall be taken by any branch head in excess of the actual or projected revenue shortfall.

Terms Used In Kentucky Statutes 48.600

  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Appropriation: means an authorization by the General Assembly to expend a sum of money not in excess of the sum specified, for the purposes specified in the authorization and under the procedure prescribed in this chapter. See Kentucky Statutes 48.010
  • 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
  • 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.
  • Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources or both together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities in accordance with legal restrictions or other limitations, to include:
    (a) "General Fund. See Kentucky Statutes 48.010
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Revenue shortfall: means either:
    (a) An official revenue estimate for either the general fund or road fund that is less than the enacted estimates. 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

(3) Appropriation reductions shall be reported to the standing Appropriations and Revenue Committees of each house or to the Interim Joint Committee on Appropriations and Revenue, as appropriate.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 78, sec. 14, effective June 25, 2009. — Amended
2000 Ky. Acts ch. 46, sec. 19, effective July 14, 2000. — Amended 1994 Ky. Acts ch.
387, sec. 4, effective July 15, 1994. — Amended 1988 Ky. Acts ch. 273, sec. 7, effective July 15, 1988. — Created 1982 Ky. Acts ch. 450, sec. 25, effective July 1,
1983.

  Previous section
Next section  
 Chapter 48 Contents