Kentucky Statutes 48.180 – Financial information submitted as part of executive branch budget request
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In addition to the information required by KRS § 48.110, the Governor shall submit the following information as a separate part of the branch budget request for the executive branch of government:
(1) Summary statements of the financial condition of the state, which shall include such detailed schedules of revenues and summary of expenditures by fund as specified by law in addition to those the Governor deems desirable; and summary statements of the estimated fund balances for the current fiscal year and each of the next two (2) fiscal years; and statement of the surplus account for the general fund and the road fund, for the budget reserve trust fund account, and for each special fund. Each surplus account shall show the excess of all current revenues over all current expenditures as of the beginning of each of the two (2) fiscal years last concluded, and all changes in each surplus account during each of such two (2) fiscal years.
(2) A statement as of the close of the last completed fiscal year and as of the close of the current fiscal year, showing for the Commonwealth the total funded debt, the value of sinking fund assets, the net funded debt, the floating liabilities as of the close of the last completed fiscal year and the estimated floating liabilities as of the end of the current fiscal year, and the total debt as of the close of the last completed fiscal year and as of the close of the current fiscal year.
(3) A summary statement for each major fund of the cash resources estimated to be available at the beginning of each of the next two (2) fiscal years, and the estimated cash receipts of the fiscal year.
(4) Such other information as is deemed desirable or is required by law or regulation.
Effective: November 3, 1995
History: Amended 1995 (3d Extra. Sess.) Ky. Acts ch. 2, sec. 4, effective November 3,
1995. — Created 1982 Ky. Acts ch. 450, sec. 9, effective July 1, 1983.
(1) Summary statements of the financial condition of the state, which shall include such detailed schedules of revenues and summary of expenditures by fund as specified by law in addition to those the Governor deems desirable; and summary statements of the estimated fund balances for the current fiscal year and each of the next two (2) fiscal years; and statement of the surplus account for the general fund and the road fund, for the budget reserve trust fund account, and for each special fund. Each surplus account shall show the excess of all current revenues over all current expenditures as of the beginning of each of the two (2) fiscal years last concluded, and all changes in each surplus account during each of such two (2) fiscal years.
Terms Used In Kentucky Statutes 48.180
- Account: is a technical accounting term meaning a formal record in which related transactions and events, (i. See Kentucky Statutes 48.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 - Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Receipts: includes the following:
(a) "Nonrevenue receipts" means values accruing that either decrease an asset or create a liability. 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
- 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
- Year: means calendar year. See Kentucky Statutes 446.010
(2) A statement as of the close of the last completed fiscal year and as of the close of the current fiscal year, showing for the Commonwealth the total funded debt, the value of sinking fund assets, the net funded debt, the floating liabilities as of the close of the last completed fiscal year and the estimated floating liabilities as of the end of the current fiscal year, and the total debt as of the close of the last completed fiscal year and as of the close of the current fiscal year.
(3) A summary statement for each major fund of the cash resources estimated to be available at the beginning of each of the next two (2) fiscal years, and the estimated cash receipts of the fiscal year.
(4) Such other information as is deemed desirable or is required by law or regulation.
Effective: November 3, 1995
History: Amended 1995 (3d Extra. Sess.) Ky. Acts ch. 2, sec. 4, effective November 3,
1995. — Created 1982 Ky. Acts ch. 450, sec. 9, effective July 1, 1983.