48.400 Office of State Budget Director to monitor financial condition of Commonwealth -- Quarterly reports -- Notification of actual or anticipated surplus or decrease in tax receipts.
<br><br> <br>Page 1 of 1 <br>48.400 Office of State Budget Director to monitor financial condition of <br>Commonwealth -- Quarterly reports -- Notification of actual or anticipated <br>surplus or decrease in tax receipts. <br>(1) The Office of State Budget Director shall continuously monitor the financial <br>situation of the Commonwealth. Based upon reports from budget units and its own <br>estimates, the office shall no later than the tenth day of each month or more often if <br>necessary, report to the Governor, the Chief Justice, and the Legislative Research <br>Commission on the financial condition of the Commonwealth and its budget units. <br>(2) Within thirty (30) days of the close of each fiscal quarter, the state budget director <br>shall report to the head of each branch budget the actual revenue receipts from the <br>just-concluded quarter, as well as the projected revenue receipts for the next three <br>(3) fiscal quarters. The report shall include a comparison with the enacted estimates <br>and shall note any potential consequences to the Commonwealth's fiscal condition <br>as a result of revenue receipts that differ from those used in the enacted estimates. <br>(3) If there is an actual or anticipated surplus or decrease in total estimated tax receipts, <br>as reflected in the report required by subsection (2) of this section, immediate <br>notification shall be given to all branches of government. <br>Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 78, sec. 12, effective June 25, 2009. -- Amended <br>2000 Ky. Acts ch. 46, sec. 18, effective July 14, 2000. -- Amended 1994 Ky. Acts <br>ch. 387, sec. 3, effective July 15, 1994. -- Created 1982 Ky. Acts ch. 450, sec. 23, <br>effective July 1, 1983. <br><br>