If a surplus is accumulated in the operating and maintenance funds equal to the cost of maintaining and operating the public project during the remainder of the calendar, operating or fiscal year, and during the succeeding like year, any excess over such amount may be transferred at any time by the governmental agency to the depreciation account, to be used for improvements, extensions or additions to the public project.
History: Created 1946 Ky. Acts ch. 126, sec. 8.

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Terms Used In Kentucky Statutes 58.080

  • 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.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Year: means calendar year. See Kentucky Statutes 446.010
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