Kentucky Statutes 48.800 – Fiscal reporting to branches of government — Annual financial and program status reports
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The Finance and Administration Cabinet shall prepare and submit to each branch of government:
(1) Within ten (10) days after the close of each month copies of the accounts of the budget units of that branch of government with the appropriations and allotments in favor of its budget units and the balances as of the beginning and end of that month.
(2) Within ten (10) days after the close of each month, prepare and transmit to each branch of government a report embodying a summary statement of the actual financial condition of each fund of the major fund groups as of the close of the previous month, a summary statement showing the receipts and payments of each such fund for the previous month and for the current fiscal year to the close of the previous month, a summary budget statement for each such fund showing the available cash balance as of the end of the previous month, the amount of cash estimated to be realized from each source during the remaining months of the fiscal year, the total means of financing, the amount of the unallotted balances of all appropriations, the estimated amount of unliquidated commitments, and the estimated cash surplus or deficit.
(3) Within ninety (90) days of the close of a fiscal year, file with each branch of government a complete report of the financial transactions of the preceding fiscal year and of the financial condition of the Commonwealth as of the end of that fiscal year, with such comments and supplementary data necessary to make the report complete and easy to understand.
(4) Each branch of government shall publish a financial and program status report, within ninety (90) days of the close of a fiscal year, detailing for that period, activities, appropriations, allotments, expenditures, receipts, transfers, encumbrances and available balances of each budget unit of the branch, and an explanation of the programs and services provided by the branch.
(5) In order to effectuate the budget review function of the General Assembly, each branch of government shall make available, on a continuing basis, records which detail activities, appropriations, allotments, expenditures, receipts, transfers, encumbrances and available balances of each budget unit of the branch. Such records shall be made available in the form necessary to facilitate their read only accession by means of electronic data processing procedures employed by the Legislative Research Commission.
Effective: July 13, 1984
History: Amended 1984 Ky. Acts ch. 131, sec. 4, effective July 13, 1984. — Created
1982 Ky. Acts ch. 450, sec. 30, effective July 1, 1983.
(1) Within ten (10) days after the close of each month copies of the accounts of the budget units of that branch of government with the appropriations and allotments in favor of its budget units and the balances as of the beginning and end of that month.
Terms Used In Kentucky Statutes 48.800
- Activities: means those actions or services performed by a budget unit which depict in a quantitative manner the fulfillment of lawful purposes. 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 - Month: means calendar month. See Kentucky Statutes 446.010
- Receipts: includes the following:
(a) "Nonrevenue receipts" means values accruing that either decrease an asset or create a liability. 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
- Year: means calendar year. See Kentucky Statutes 446.010
(2) Within ten (10) days after the close of each month, prepare and transmit to each branch of government a report embodying a summary statement of the actual financial condition of each fund of the major fund groups as of the close of the previous month, a summary statement showing the receipts and payments of each such fund for the previous month and for the current fiscal year to the close of the previous month, a summary budget statement for each such fund showing the available cash balance as of the end of the previous month, the amount of cash estimated to be realized from each source during the remaining months of the fiscal year, the total means of financing, the amount of the unallotted balances of all appropriations, the estimated amount of unliquidated commitments, and the estimated cash surplus or deficit.
(3) Within ninety (90) days of the close of a fiscal year, file with each branch of government a complete report of the financial transactions of the preceding fiscal year and of the financial condition of the Commonwealth as of the end of that fiscal year, with such comments and supplementary data necessary to make the report complete and easy to understand.
(4) Each branch of government shall publish a financial and program status report, within ninety (90) days of the close of a fiscal year, detailing for that period, activities, appropriations, allotments, expenditures, receipts, transfers, encumbrances and available balances of each budget unit of the branch, and an explanation of the programs and services provided by the branch.
(5) In order to effectuate the budget review function of the General Assembly, each branch of government shall make available, on a continuing basis, records which detail activities, appropriations, allotments, expenditures, receipts, transfers, encumbrances and available balances of each budget unit of the branch. Such records shall be made available in the form necessary to facilitate their read only accession by means of electronic data processing procedures employed by the Legislative Research Commission.
Effective: July 13, 1984
History: Amended 1984 Ky. Acts ch. 131, sec. 4, effective July 13, 1984. — Created
1982 Ky. Acts ch. 450, sec. 30, effective July 1, 1983.