2014 Kentucky Revised Statutes CHAPTER 132 - LEVY AND ASSESSMENT OF PROPERTY TAXES 132.601 Administrator's use of local funds accruing to office -- Bank account -- Expenditures -- Supervision.
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132.601 Administrator's use of local funds accruing to office -- Bank account
-- Expenditures -- Supervision.
(1)
(2)
(3)
The property valuation administrator of any county may, after receiving an
approved budget from the Department of Revenue under the provisions of KRS
132.590, obligate and spend any of the local funds accruing to his office under
the provisions of KRS 132.590 or KRS 132.285, over and above that actually
used in compensating his deputies and assistants, for the purchase of any
maps, lists, charts, materials, supplies or equipment, or for other expenses
necessary to the proper assessment of property or preparation and
maintenance of assessment rolls and records.
The property valuation administrator shall maintain a bank account for the
management of local funds received by his office under the provisions of KRS
132.590 and 132.285. Beginning with the 1990-1992 biennium, at the end of
each fiscal year a cumulative carryover of local funds equivalent to the total
annual local appropriation for the ending fiscal year or five thousand dollars
($5,000), whichever is greater, shall be retained. Any funds in excess of this
amount shall be refunded by the property valuation administrator no later than
August 1 to the appropriating local governments in direct proportion to their
respective appropriations.
Expenditures made by the office of the property valuation administrator under
the provisions of subsection (1) of this section shall be governed by
procurement procedures adopted by the fiscal court in the county
administrative code required by KRS 68.005. However, after approval of the
annual budget for the office of the property valuation administrator provided in
KRS 132.590 by the Department of Revenue, the necessity of the expenditure
shall not be questioned by the fiscal court. The Department of Revenue shall
have neither authority nor responsibility in the auditing of expenditures made
by the property valuation administrator from locally appropriated funds. The
Auditor of Public Accounts shall assume the responsibility.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 211, effective June 20, 2005. -Amended 1988 Ky. Acts ch. 418, sec. 4, effective July 15, 1988. -- Created 1978
Ky. Acts ch. 253, sec. 3, effective June 17, 1978.
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