42.4582 Local government economic development fund -- Adjustment for quarterly

263 words·~1 min read·/ky/42-4582

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

transfers -- Schedule of transfers from general fund.

(1)There is hereby established in the State Treasury a fund entitled "Local Government

Economic Development Fund." The fund may receive state appropriations, gifts,

grants, and federal funds and shall be disbursed by the State Treasurer upon the

warrant of the secretary of the Finance and Administration Cabinet. Any unallotted

or unencumbered balances in the fund shall be invested as provided for in KRS

42.500(9). Income earned from the investments shall be prorated for grants to

counties according to the allotment schedule set out in KRS 42.4592.

(a)Moneys shall be transferred from the general fund in an amount equal to fifty

percent (50%) of the severance and processing taxes on coal collected

annually, unless otherwise amended by the budget bill.

(b)The transfers shall be made quarterly, based upon the revenue estimates

prevailing at the time each quarterly transfer is due. Each quarterly transfer

shall be adjusted to account for refunds by determining the total amount of

refunds paid in the prior fiscal year, dividing that amount by four (4), and

reducing each transfer by this amount. The last quarterly transfer shall be

made after the close of the fiscal year accounting records, and shall be

adjusted to provide the balance of the annual transfer required by this

subsection.

(c)The quarterly calculation and transfer of funds pursuant to this section shall be

made only after distribution of the quarterly installment of the annual amount

from the prior calendar year allowed as an incentive to an approved company

under KRS 143.024 and 154.27-060.