48.700 General fund -- Surplus fund account.

202 words·~1 min read·/ky/chapter-48/48-700

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

There is hereby created in the general fund of the State Treasury a surplus fund account subject to the following terms and conditions:

(1)It shall contain all surplus tax receipts accruing to the general fund as provided by

KRS 48.140(3);

(2)Except as provided in KRS 48.705, it shall contain all funds lapsed from general

fund receipts not otherwise appropriated;

(3)It shall contain all receipts from the sale of surplus property purchased with general

fund tax receipts and not otherwise appropriated;

(4)Except as provided in KRS 48.705, it shall contain all general fund tax revenues in

excess of estimates;

(5)It shall contain all moneys saved as a result of a reorganization of state government

operations funded by the general fund;

(6)Funds in the account shall be invested at interest and the interest shall also accrue to

this account;

(7)It shall contain any other funds which are required by law or regulation to accrue to

the surplus account of the general fund; and

(8)No expenditures shall be made from this account unless appropriated by the

General Assembly or unless required by the budget reduction provisions of a branch

budget bill, or as provided by KRS 48.130.