2013 Kentucky Revised Statutes CHAPTER 248 - TOBACCO 248.655 Rural development fund -- Purpose -- Source of moneys -- Strategic plan for fund distribution -- Annual report and audit.
Download as PDF
248.655 Rural development fund -- Purpose -- Source of moneys -- Strategic
plan for fund distribution -- Annual report and audit.
There is established in the State Treasury a fund to be known as the "Rural
Development Fund." This fund shall exist for the purpose of receipt and expenditure
of moneys to improve and promote agricultural development for residents of the
Commonwealth. The fund may receive state appropriations, gifts, grants, and federal
funds and shall be disbursed by the State Treasurer upon the warrant of the chair of
the rural development board. Before and after July 1, 2000, fifty percent (50%) of the
proceeds in the tobacco settlement agreement fund shall be deposited in this fund
as provided under KRS 248.654. All investment income earned from moneys
deposited in the fund shall accrue to the fund. The moneys in the fund shall not
lapse at the close of any fiscal year but shall be carried forward in the next fiscal
year for the purpose of the fund. The board shall develop and oversee the
implementation of a strategic plan. The strategic plan shall identify both short-term
and long-term goals and the appropriate oversights to measure progress toward
achievement of those goals, and it shall be updated every two (2) years. The board
shall submit an annual report to the Governor and the Legislative Research
Commission by September 1 of each year for the preceding fiscal year, outlining its
activities and expenditures. The Auditor of Public Accounts, on an annual basis,
shall conduct a thorough review of all expenditures from the fund and, if necessary
in the opinion of the Auditor, an audit of the operations of the fund. No money in the
fund shall be allocated until the board has adopted a strategic plan.
Effective:April 26, 2000
History: Created 2000 Ky. Acts ch. 546, sec. 2, effective April 26, 2000.
2012-2014 Budget Reference. See State/Executive Branch Budget, 2012 Ky. Acts
ch. 144, Pt. V, D, 2 at 1245.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.