Kentucky Statutes 341.295 – Use of moneys in unemployment compensation administration fund
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(1) All fines, penalties, and interest on delinquent contributions collected under KRS
341.300 shall be credited to the unemployment compensation administration fund to be used for the payment of interest on advances under Title XII of the Social Security Act, for the repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances, and for the administration of this chapter. The State Treasurer shall maintain a separate record of all money received for the unemployment compensation administration fund under this section. This money shall not be expended or available for expenditure in any manner that would permit its substitution for, or a corresponding reduction in, federal funds that would be available in its absence to finance expenditures for the administration of this chapter.
(2) But nothing in this chapter shall prevent this money from being used as a revolving fund to cover necessary and proper expenditures for which federal funds have been requested but not received, subject to the charging of such expenditures against such funds when received, or to supplement federal funds which are, in the opinion of the secretary, insufficient to properly administer this chapter; provided, no more than twenty-five percent (25%) of the balance of this account may be used in any year for the purposes authorized under this subsection if interest on advances under Title XII of the Social Security Act is due and owing or if the repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances is due and owing.
(3) If interest on advances under Title XII of the Social Security Act and the repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances are not due and owing, the secretary may also authorize to be charged against such money any expenditures he deems proper and desirable for the administration of this chapter and replace any money necessary under the provisions of KRS § 341.610, if no other funds are available or can properly be used to finance such expenditures. The money heretofore collected and credited to the unemployment compensation contingent fund shall be transferred to the unemployment compensation administration fund and shall be available for expenditure under the provisions of this section.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 52, sec. 2, effective April 11, 2012. — Amended
1984 Ky. Acts ch. 326, sec. 4, effective July 13, 1984. — Amended 1974 Ky. Acts ch.
74, Art. VI, sec. 107(21). — Amended 1954 Ky. Acts ch. 177, sec. 1. — Amended
1950 Ky. Acts ch. 206, sec. 1. — Created 1948 Ky. Acts ch. 216, sec. 7.
2020-2022 Budget Reference. See State/Executive Branch Budget, 2020 Ky. Acts ch.
92, Pt. I, D, 7, (1) at 874.
341.300 shall be credited to the unemployment compensation administration fund to be used for the payment of interest on advances under Title XII of the Social Security Act, for the repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances, and for the administration of this chapter. The State Treasurer shall maintain a separate record of all money received for the unemployment compensation administration fund under this section. This money shall not be expended or available for expenditure in any manner that would permit its substitution for, or a corresponding reduction in, federal funds that would be available in its absence to finance expenditures for the administration of this chapter.
Terms Used In Kentucky Statutes 341.295
- 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
- Contributions: means the money payments, exclusive of interest and penalties, to the unemployment insurance fund required by this chapter and by any previous unemployment compensation law of this state. See Kentucky Statutes 341.020
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fund: means the unemployment insurance fund established by KRS §. See Kentucky Statutes 341.020
- Secretary: means the secretary of the Education and Labor Cabinet or his or her duly authorized representative. See Kentucky Statutes 341.005
- State: includes , in addition to the states of the United States of America, the
District of Columbia, Puerto Rico, the Dominion of Canada, and Virgin Islands. See Kentucky Statutes 341.020 - Year: means calendar year. See Kentucky Statutes 446.010
(2) But nothing in this chapter shall prevent this money from being used as a revolving fund to cover necessary and proper expenditures for which federal funds have been requested but not received, subject to the charging of such expenditures against such funds when received, or to supplement federal funds which are, in the opinion of the secretary, insufficient to properly administer this chapter; provided, no more than twenty-five percent (25%) of the balance of this account may be used in any year for the purposes authorized under this subsection if interest on advances under Title XII of the Social Security Act is due and owing or if the repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances is due and owing.
(3) If interest on advances under Title XII of the Social Security Act and the repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances are not due and owing, the secretary may also authorize to be charged against such money any expenditures he deems proper and desirable for the administration of this chapter and replace any money necessary under the provisions of KRS § 341.610, if no other funds are available or can properly be used to finance such expenditures. The money heretofore collected and credited to the unemployment compensation contingent fund shall be transferred to the unemployment compensation administration fund and shall be available for expenditure under the provisions of this section.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 52, sec. 2, effective April 11, 2012. — Amended
1984 Ky. Acts ch. 326, sec. 4, effective July 13, 1984. — Amended 1974 Ky. Acts ch.
74, Art. VI, sec. 107(21). — Amended 1954 Ky. Acts ch. 177, sec. 1. — Amended
1950 Ky. Acts ch. 206, sec. 1. — Created 1948 Ky. Acts ch. 216, sec. 7.
2020-2022 Budget Reference. See State/Executive Branch Budget, 2020 Ky. Acts ch.
92, Pt. I, D, 7, (1) at 874.