CHAPTER 33: FINANCE AND REVENUE
Section
Financial Administration
   33.01   Definitions
   33.02   Accounting records and financial reports
   33.03   Annual budget ordinance
   33.04   Annual audit of city funds
   33.05   Official depositories; disbursements of city funds
   33.06   Limit on purchases made by department heads
   33.07   Contract for services or goods with agent of city prohibited
   33.08   Investments
Improvements
   33.10   Definitions
   33.11   Financing of improvements
   33.12   Apportionment of cost
   33.13   Comprehensive report required
   33.14   Public hearing required
   33.15   Adoption of ordinance; notice to affected owners
   33.16   Affected owner may contest
   33.17   When city may proceed; assessment constitutes lien
   33.18   Effect of additional property or change in financing
FINANCIAL ADMINISTRATION
§ 33.01 DEFINITIONS.
   As used in this subchapter, unless the context otherwise requires, the following definitions shall apply:
   BUDGET. A proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year.
   DEBT SERVICE. The sum of money required to pay installments of principal and interest on bonds, notes, and other evidences of debt accruing within a fiscal year and to maintain sinking funds.
   ENCUMBRANCES. Obligations in the form of purchase orders or contracts that are chargeable to an appropriation. An obligation ceases to be an encumbrance when paid or when the actual liability is recorded.
   FISCAL YEAR. The accounting period for the administration of fiscal operations.
   GENERALLY ACCEPTED GOVERNMENTAL AUDITING STANDARDS. Those standards for audit of governmental organizations, programs, activities, and functions issued by the Comptroller General of the United States. (KRS 91A.010(6))
   GENERALLY ACCEPTED PRINCIPLES OF GOVERNMENTAL ACCOUNTING. Those standards and procedures promulgated and recognized by the Governmental Accounting Standards Board.
(KRS 91A.010(7))
§ 33.02 ACCOUNTING RECORDS AND FINANCIAL REPORTS.
   (A)   The city shall keep its accounting records and render financial reports in such a way as to:
      (1)   Determine compliance with statutory provisions; and
      (2)   Determine fairly and with full disclosure the financial operations of constituent funds and account groups of the city in conformity with generally accepted governmental accounting principles.
   (B)   The municipal accounting system shall be organized and operated on a fund basis.
(KRS 91A.020)
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