Kentucky Statutes 91A.010 – Definitions for KRS 91A.010 to 91A.060
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As used in KRS § 91A.010 to KRS § 91A.060, unless the context otherwise requires:
(1) “Budget” means a proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year.
(2) “Debt service” means the sum of money required to pay installments of principal and interest on bonds, notes, and other evidences of debt accruing within a fiscal year and to maintain sinking funds.
(3) “Encumbrances” means obligations in the form of purchase orders or contracts that are chargeable to an appropriation. An obligation ceases to be an encumbrance when paid or when the actual liability is recorded.
(4) “Executive authority” means the mayor in any city organized under the mayor- council plan or mayor-aldermen plan, the commission in any city organized under the commission plan, or the board in any city organized under the city manager plan.
(5) “Fiscal year” means the accounting period for the administration of fiscal operations.
(6) “Generally accepted governmental auditing standards” means those standards for audit of governmental organizations, programs, activities, and functions issued by the Comptroller General of the United States.
(7) “Generally accepted principles of governmental accounting” mean those standards and procedures promulgated and recognized by the Governmental Accounting Standards Board.
(8) “Legislative body” means the council in cities organized under the mayor-council plan, the board of aldermen in cities of the first class organized under the mayor- aldermen plan, the commission in cities organized under the commission plan and the board of commissioners in cities organized under the city manager plan.
Effective: July 14, 1992
History: Amended 1992 Ky. Acts ch. 33, sec. 2, effective July 14, 1992. — Created
1980 Ky. Acts ch. 232, sec. 1, effectiveJuly 15, 1980.
(1) “Budget” means a proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year.
Terms Used In Kentucky Statutes 91A.010
- City: includes town. 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Year: means calendar year. See Kentucky Statutes 446.010
(2) “Debt service” means the sum of money required to pay installments of principal and interest on bonds, notes, and other evidences of debt accruing within a fiscal year and to maintain sinking funds.
(3) “Encumbrances” means obligations in the form of purchase orders or contracts that are chargeable to an appropriation. An obligation ceases to be an encumbrance when paid or when the actual liability is recorded.
(4) “Executive authority” means the mayor in any city organized under the mayor- council plan or mayor-aldermen plan, the commission in any city organized under the commission plan, or the board in any city organized under the city manager plan.
(5) “Fiscal year” means the accounting period for the administration of fiscal operations.
(6) “Generally accepted governmental auditing standards” means those standards for audit of governmental organizations, programs, activities, and functions issued by the Comptroller General of the United States.
(7) “Generally accepted principles of governmental accounting” mean those standards and procedures promulgated and recognized by the Governmental Accounting Standards Board.
(8) “Legislative body” means the council in cities organized under the mayor-council plan, the board of aldermen in cities of the first class organized under the mayor- aldermen plan, the commission in cities organized under the commission plan and the board of commissioners in cities organized under the city manager plan.
Effective: July 14, 1992
History: Amended 1992 Ky. Acts ch. 33, sec. 2, effective July 14, 1992. — Created
1980 Ky. Acts ch. 232, sec. 1, effectiveJuly 15, 1980.