Kentucky Statutes 48.192 – Commonwealth postsecondary prepaid tuition trust fund recommendations
Current as of: 2024 | Check for updates
|
Other versions
Notwithstanding any other provision of law, if the report of the actuary submitted in an odd-numbered year pursuant to KRS § 164A.704(7)(b) reflects that there will be a real liability expected to accrue during the upcoming biennium that cannot be met with existing resources of the Commonwealth postsecondary education prepaid tuition trust fund created pursuant to KRS § 164A.701, the Governor shall include in the budget recommendation for the executive branch and in the draft branch budget bill for the executive branch submitted to the General Assembly an appropriation to the board in an amount necessary to meet the real liability expected to accrue in each fiscal year of the biennium.
Effective: April 25, 2006
History: Created 2006 Ky. Acts ch. 252, Pt. XXXI, sec. 8, effective April 25, 2006.
Effective: April 25, 2006
Terms Used In Kentucky Statutes 48.192
- Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
- 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 - Year: means calendar year. See Kentucky Statutes 446.010
History: Created 2006 Ky. Acts ch. 252, Pt. XXXI, sec. 8, effective April 25, 2006.