Kentucky Statutes 48.720 – Lapse of appropriated general or road fund debt service for canceled projects and excess amounts
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In the event that any authorized capital construction or equipment purchase projects are canceled, or if conditions imposed by any branch budget bill are not met, any appropriated general or road fund debt service for those projects shall remain unallotted and lapse to the credit of the respective surplus account. In the event that general or road fund appropriated debt service is more than is required due to favorable interest rates, refinancing, or timing variances, the excess debt service in each fiscal year shall remain unallotted and lapse to the credit of the respective surplus account.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 387, sec. 9, effective July 15, 1994.
Effective: July 15, 1994
Terms Used In Kentucky Statutes 48.720
- Account: is a technical accounting term meaning a formal record in which related transactions and events, (i. See Kentucky Statutes 48.010
- 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 - 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
History: Created 1994 Ky. Acts ch. 387, sec. 9, effective July 15, 1994.