48.010 Definitions for chapter.

Download pdf

Loading PDF...


48.010 Definitions for chapter. As used in this chapter, unless the context requires otherwise: <br>(1) &quot;Account&quot; is a technical accounting term meaning a formal record in which related transactions and events, (i.e., expenditures, receipts, encumbrances, and inter-<br>account charges or credits) which occur during a specific period of time, are <br>summarized and accumulated; (2) &quot;Activities&quot; means those actions or services performed by a budget unit which depict in a quantitative manner the fulfillment of lawful purposes; (3) Appropriation-related terms are defined for procedures prescribed by this chapter as follows: <br>(a) &quot;Appropriation&quot; means an authorization by the General Assembly to expend a sum of money not in excess of the sum specified, for the purposes specified in <br>the authorization and under the procedure prescribed in this chapter; (b) &quot;Appropriation provision&quot; means a section of any enactment by the General Assembly which is not provided for by this chapter and which authorizes the <br>expenditure of funds other than by a general appropriation bill; and (c) &quot;General appropriation bill&quot; means an enactment by the General Assembly that authorizes the expenditure of funds in a branch budget bill as provided for <br>by this chapter; (4) &quot;Biennial highway construction plan&quot; means the specifically identified individual transportation projects or portions thereof identified for funding during the <br>upcoming biennium, which correspond to the first two (2) years of the six (6) year <br>road plan; (5) &quot;Budget&quot; means the complete financial plan for each fiscal year contained in a branch budget bill provided for by this chapter; (6) &quot;Branch budget bill&quot; or &quot;branch budget&quot; means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and <br>conditions for the biennial financial plan for the judicial branch, the legislative <br>branch, and the executive branch, which shall include a separate budget bill for the <br>Transportation Cabinet; (7) &quot;Branch budget recommendation&quot; means the recommendations made to the General Assembly by: <br>(a) The Governor for the executive branch, including a separate recommendation for the Transportation Cabinet; (b) The Chief Justice for the judicial branch; and <br>(c) The Legislative Research Commission for the legislative branch; (8) &quot;Budget unit request&quot; means a detailed statement of the financial requirements of a budget unit by principal budget class, and an estimate of its receipts and <br>expenditures for the next two (2) fiscal years, with the accompanying explanations <br>provided for by this chapter; (9) &quot;Budget unit&quot; or &quot;appropriation unit&quot; means any subdivision of any branch of government, however designated in any branch budget bill; (10) &quot;Capital outlay&quot; means the exchange of values involved in acquiring lands, buildings, equipment, or other permanent properties, or in their construction, <br>development, or permanent improvement; (11) &quot;Consensus forecasting group&quot; means the group established by KRS 48.115 that is responsible for developing consensus revenue forecasts for the Commonwealth; (12) &quot;Disbursement&quot; means cash actually paid out for any purpose; <br>(13) &quot;Enacted estimates&quot; means the revenue estimates used by the General Assembly as the basis for appropriations made in the enacted branch budget bills; (14) &quot;Expenditure&quot; means cash actually paid out or an exchange of value for any purpose; (15) &quot;Fund&quot; 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 <br>liabilities, obligations, reserves, and equities which are segregated for the purpose <br>of carrying on specific activities in accordance with legal restrictions or other <br>limitations, to include: <br>(a) &quot;General Fund.&quot; This fund shall consist of all moneys, not otherwise restricted, available for the general operations of state government; (b) &quot;Bond Debt Related Fund.&quot; This fund shall consist of all outstanding bonded debt liability and related funds of state government, including all revenue <br>bonds issued by or approved by the State Property and Buildings Commission. <br>Accounts necessary to assure integrity of trust indentures shall be maintained. <br>Funds appropriated for debt service shall be allotted to these accounts and any <br>excess of appropriation over net requirements for principal, interest, and <br>reserves for any issue shall lapse to the surplus account of the general fund if <br>general funds are a part of the appropriation for that budget unit; (c) &quot;Capital Construction Fund.&quot; This fund shall consist of moneys appropriated under the provision of KRS 45.750 to 45.800 for capital construction projects, <br>except road construction projects, for all budget units of state government; (d) &quot;Federal Fund.&quot; This fund shall include all receipts from the federal government for any purpose; (e) &quot;Fiduciary Fund.&quot; This fund shall consist of moneys held by a budget unit in a trustee capacity; (f) &quot;Restricted Fund.&quot; This fund shall consist of budget unit receipts restricted as to purpose by statute; and (g) &quot;Road Fund.&quot; This fund shall consist of money derived from excise or license taxation relating to gasoline and other motor fuels, and moneys derived from <br>fees, excise or license taxation relating to registration, operation, or use of <br>vehicles for use on public highways. A separate record of each source of <br>receipt within this fund group shall be maintained; (16) &quot;Principal budget class&quot; includes the following: (a) &quot;Capital outlay&quot; means the exchange of values involved in acquiring lands, buildings, or other permanent properties, or in their construction, development, or permanent improvement estimated to cost less than six <br>hundred thousand dollars (&#36;600,000), and items of equipment or other capital <br>items estimated to cost less than two hundred thousand dollars (&#36;200,000); (b) &quot;Debt service&quot; means the amount of money required to pay the interest, principal, and required contributions to accumulate moneys for future <br>retirement of lawfully incurred debt; (c) &quot;Grants, loans, or benefits&quot; means expenditures for any grant, aid, loan, or relief payment to individuals, organizations, or jurisdictions not otherwise <br>classified pursuant to this chapter; (d) &quot;Operating expenses&quot; means expenditures directly attributable to the operation of state government not otherwise classified pursuant to this chapter; and (e) &quot;Personnel costs&quot; means the salaries, wages, benefits (including but not limited to, employer share of FICA, retirement contributions, insurance, <br>unemployment insurance, workers' compensation), and increments of all <br>officers and employees, and payment to persons awarded personal service <br>contracts; (17) &quot;Receipts&quot; includes the following: (a) &quot;Nonrevenue receipts&quot; means values accruing that either decrease an asset or create a liability; (b) &quot;Operating receipts&quot; means cash received by a budget unit for services rendered, or from the sale of materials, goods, or supplies created by the <br>budget unit or of items held for resale; and (c) &quot;Revenue receipts&quot; means values accruing as a result of taxation or revenues, or both, and without resultant increase in liabilities or decrease in assets, <br>whether such values are represented by cash actually received or by amounts <br>due and payable, or partly by each; (18) &quot;Revenue shortfall&quot; means either: (a) An official revenue estimate for either the general fund or road fund that is less than the enacted estimates; or (b) Actual receipts at the end of the fiscal year for either the general fund or road fund that are less than the enacted estimates, as determined by the Office of <br>State Budget Director; (19) &quot;Surplus&quot; means the undesignated fiscal year ending fund balance for the general fund or road fund, reduced by amounts designated to carry forward for <br>appropriation in a subsequent fiscal year; (20) &quot;Six (6) year road plan&quot; means the road plan developed under KRS 176.430; and <br>(21) &quot;Writing&quot; or &quot;written&quot; means letters, words, or numbers, or their equivalent, set down by handwriting, typewriting, printing, photostating, photographing, magnetic <br>impulse, mechanical or electronic recording, or other form of data compilation. Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 78, sec. 1, effective June 25, 2009. -- Amended 1998 Ky. Acts ch. 120, sec. 21, effective July 15, 1998. -- Amended 1994 Ky. Acts ch. 31, sec. 4, effective July 15, 1994; and ch. 387, sec. 1, effective July 15, 1994. -- <br>Amended 1990 Ky. Acts ch. 507, sec. 5, effective July 13, 1990. -- Created 1982 Ky. <br>Acts ch. 450, sec. 1, effective July 1, 1983.