CHAPTER 33: FINANCE AND REVENUE
Section
Financial Administration
   33.01   Definitions
   33.02   Accounting records and financial reports
   33.03   Annual budget
   33.04   Annual audit
   33.05   Deposit of receipts; disbursement of funds
   33.06   Municipal road aid funds
Improvements
   33.20   Definitions
   33.21   Financing of improvements
   33.22   Apportionment of cost
   33.23   Comprehensive report required
   33.24   Public hearing required
   33.25   Adoption of ordinance; notice to affected owners
   33.26   Affected owner may contest
   33.27   When city may proceed; assessment constitutes lien
   33.28   Effect of additional property or change in financing
   33.29   Applicability
FINANCIAL ADMINISTRATION
§ 33.01 DEFINITIONS.
   For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
   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)) (1992 Code, § 33.01)
§ 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) (1992 Code, § 33.02)
§ 33.03 ANNUAL BUDGET.
   (A)   The City Council shall enact an ordinance setting out the budget guidelines.
   (B)   The preparation of the city budget shall be the responsibility of the Mayor who shall submit a proposed budget to the City Council not later than 30 days prior to the beginning of the fiscal year of the city.
   (C)   The City Council shall adopt the budget as an ordinance in any form most efficient in enabling it to make necessary fiscal policy decisions, which shall comply with the requirements of KRS 91A.030 and the said budget as may be changed from that as submitted by the Mayor in its proposed form shall be adopted in the same manner as provided for other ordinances, except that, the ordinance when enacted shall be published in full and shall be maintained and indexed by fiscal year, separate from other ordinances.
(1992 Code, § 33.03)
§ 33.04 ANNUAL AUDIT.
   (A)   The examination of the city’s financial reports and records shall be performed by an independent public accountant as soon as practicable after the close of each fiscal year but not later than February 1 immediately following the fiscal year being audited.
   (B)   The auditor shall be required to:
      (1)   Examine the balance sheets of all governmental, proprietary and fiduciary funds;
      (2)   Include in the annual audit an examination of local government economic assistance funds granted to the city under KRS 42.450 to 42.495. The auditor shall include a certification with the annual audit report that the funds were expended for the purposes intended;
      (3)   Conduct the audit in accordance with generally accepted governmental auditing standards and if the audit is to cover the use of state or federal funds, appropriate state or federal guidelines shall be used;
      (4)   Prepare a typed or printed report with his or her opinions and embodying the city’s financial statements;
      (5)   Express an opinion over whether the financial statements present fairly the financial condition of the city or his or her reason why they do not;
      (6)   Provide two additional copies of the audit to be sent to the Department for Local Government for information purposes; and
      (7)   The audit shall be published as required by KRS 91A.040 and in accordance with KRS Chapter 424.
(1992 Code, § 33.04)
§ 33.05 DEPOSIT OF RECEIPTS; DISBURSEMENT OF FUNDS.
   (A)   All receipts from any source of city money or money for which the city is responsible which has not been otherwise invested or deposited in a manner authorized by law, shall be deposited in those banks or federally insured savings and loan companies which have been designated by the Mayor as the city’s official depositories.
   (B)   All city funds shall be disbursed by written authorization approved by the Mayor, or his or her designate, which shall state the name of the person to whom funds are payable, the purpose of the payment, and the fund out of which the funds are payable. Each authorization shall be numbered and recorded.
(1992 Code, § 33.05)
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