2006 Kentucky Revised Statutes - .400   Monitoring of financial condition of Commonwealth -- Duties of Office of State Budget Director.

48.400 Monitoring of financial condition of Commonwealth -- Duties of Office of State Budget Director. (1) The Office of State Budget Director shall continuously monitor the financial situation of the Commonwealth. Based upon reports from budget units and its own estimates, the office shall no later than the tenth day of each month or more often if necessary, report to the Governor, Chief Justice, and the Legislative Research Commission on the financial condition of the Commonwealth and its budget units. (2) Within thirty (30) days of the close of each fiscal quarter, the state budget director shall report to the head of each branch budget the actual revenue receipts from the just-concluded quarter, as well as the projected revenue receipts for the next three (3) fiscal quarters. The report shall include a comparison with the estimated revenue receipts upon which the branch budget bills were developed pursuant to KRS 48.120 and shall note any potential consequences to the Commonwealth's fiscal condition as a result of actual or projected revenue receipts that differ from those used in the development of the branch budget bills. (3) In the event there is an actual or anticipated surplus or decrease in total estimated tax receipts, as determined under KRS 48.120(3) and subsection (2) of this section, immediate notification shall be given to all branches of government. Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 46, sec. 18, effective July 14, 2000. -- Amended 1994 Ky. Acts ch. 387, sec. 3, effective July 15, 1994. -- Created 1982 Ky. Acts ch. 450, sec. 23, effective July 1, 1983. Page 1 of 1