48.705 General fund -- Budget reserve trust fund account.
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/ky/chapter-48/48-705A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A budget reserve trust fund account is hereby created in the general fund, pursuant
to KRS 45.305. The budget reserve trust fund account shall be funded through
direct appropriations, and surplus amounts as provided in subsection
(2)of this
section. Moneys in the account shall remain unallotted unless required by the
provisions of this section.
(a)Each fiscal year, except as provided in subsection
(3)of this section, within
thirty
(30)days of the end of the fiscal year, the secretary of the Finance and
Administration Cabinet shall cause to be deposited to the budget reserve trust
fund account the lesser of the following amounts:
1. Fifty percent (50%) of the general fund surplus; or
2. The amount necessary from the general fund surplus to make the
balance of the budget reserve trust fund account equal to five percent
(5%) of the actual general fund receipts collected during the fiscal year
just ended, as determined by the Finance and Administration Cabinet.
(b)Any amounts to be deposited to the budget reserve trust fund account from the
general fund surplus shall be determined after the surplus has been reduced by
the amount necessary to implement the provisions of any surplus expenditure
plan authorized by KRS 48.140 and enacted as a part of a branch budget bill.
(3)If, at the close of any fiscal year, the budget reserve trust fund account has a balance
equal to or greater than five percent (5%) of the actual general fund receipts
collected during the fiscal year just ended, as determined by the Finance and
Administration Cabinet, the deposits required under subsection
(2)of this section
shall be suspended for that year.
(4)Moneys in the budget reserve trust fund account may be appropriated by the
General Assembly in a regular or special session.
(5)Before authorizing any allotments from the budget reserve trust fund account, the
secretary of the Finance and Administration Cabinet shall notify in writing the
Interim Joint Committee on Appropriations and Revenue. The notice shall include
the amount and purpose for the proposed allotment.
(6)Within thirty
(30)days of the close of each fiscal year, the secretary of the Finance
and Administration Cabinet shall report to the Interim Joint Committee on
Appropriations and Revenue the general fund receipts collected for the fiscal year
just ended, the balance of the budget reserve trust fund account, and any amounts
deposited to the budget reserve trust fund account pursuant to the provisions of
subsection
(2)of this section.
(7)All sums appropriated or deposited to the budget reserve trust fund account shall
not lapse at the close of the fiscal year but shall carry forward into the next fiscal
year.