Kentucky Statutes 48.140 – Surplus expenditure plan to be included in each enacted branch budget bill — Surplus in excess of two and one-half percent to accrue to surplus account
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(1) The General Assembly shall include in each enacted branch budget bill a plan for the expenditure of a general fund or road fund surplus.
(2) If there is a surplus, the Office of State Budget Director shall notify all branches of government.
(3) Except as provided in KRS § 48.705, any surplus in the general or road fund in excess of two and one-half percent (2.5%) of the enacted estimates shall not be expended but shall accrue to the surplus account of the general fund or road fund for investment until appropriated by the General Assembly.
(4) Unless required by the budget reduction provisions in a branch budget bill, no funds shall be transferred from one budget unit to another budget unit.
(5) Surplus funds in any account, unless a statute requires otherwise, shall lapse to the surplus account of the general fund for investment until appropriated by the General Assembly.
(6) Funds in the surplus account of the general fund may be used for current expenditures as authorized by the budget reduction provisions of a branch budget bill.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 78, sec. 7, effective June 25, 2009. — Amended
1995 (3d Extra. Sess.) Ky. Acts ch. 2, sec. 3, effective November 3, 1995. — Amended 1990 Ky. Acts ch. 507, sec. 10, effective July 13, 1990. — Amended 1988
Ky. Acts ch. 273, sec. 6, effective July 15, 1988. — Created 1982 Ky. Acts ch. 450, sec. 14, effective July 1, 1983.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. VII at 1758.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. IX at 1759.
(2) If there is a surplus, the Office of State Budget Director shall notify all branches of government.
Terms Used In Kentucky Statutes 48.140
- Account: is a technical accounting term meaning a formal record in which related transactions and events, (i. 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
- Enacted estimates: means the revenue estimates used by the General Assembly as the basis for appropriations made in the enacted branch budget bills. See Kentucky Statutes 48.010
- 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 - 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.
- Surplus: means the undesignated fiscal year ending fund balance for the general fund or road fund, reduced by amounts designated to carry forward for appropriation in a subsequent fiscal year. See Kentucky Statutes 48.010
(3) Except as provided in KRS § 48.705, any surplus in the general or road fund in excess of two and one-half percent (2.5%) of the enacted estimates shall not be expended but shall accrue to the surplus account of the general fund or road fund for investment until appropriated by the General Assembly.
(4) Unless required by the budget reduction provisions in a branch budget bill, no funds shall be transferred from one budget unit to another budget unit.
(5) Surplus funds in any account, unless a statute requires otherwise, shall lapse to the surplus account of the general fund for investment until appropriated by the General Assembly.
(6) Funds in the surplus account of the general fund may be used for current expenditures as authorized by the budget reduction provisions of a branch budget bill.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 78, sec. 7, effective June 25, 2009. — Amended
1995 (3d Extra. Sess.) Ky. Acts ch. 2, sec. 3, effective November 3, 1995. — Amended 1990 Ky. Acts ch. 507, sec. 10, effective July 13, 1990. — Amended 1988
Ky. Acts ch. 273, sec. 6, effective July 15, 1988. — Created 1982 Ky. Acts ch. 450, sec. 14, effective July 1, 1983.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. VII at 1758.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. IX at 1759.