48.010 Definitions for chapter. - Kentucky Statutes

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