Kentucky Ordinance Adopting the Budget
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How to fill out Ordinance Adopting The Budget?
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FAQ
???????????????The Budget Process. Every other year, the Kentucky General Assembly is required by the State Constitution to pass a balanced budget. The budget is the State's financial plan for spending money for specific or general purposes from various sources of public funds.
Step-by-Step Activities in the Budget Process Step 1: Departmental Budget Request. ... Step 2: Budget Officer Review. ... Step 3: Revenue Projection. ... Step 4: Review by City Manager, CAO, and/or Mayor. ... Step 5: Legislative Body Review. ... Step 6: Budget Public Hearing. ... Step 7: Budget Adoption.
Kentucky's economy remains in overdrive as it continues to rack up record after record. This month the state saw the largest surplus in its history as the general fund budget had a $1.55 billion overage at the end of fiscal 2023.
The chief executive or local government CEO (e.g., city manager, town manager, county manager) drafts a recommended budget through their budget office. Department directors solicit input from program managers within their department.
Kentucky's GDP has grown at an annualized rate of 1.2% over the five years to 2023. Moreover, Kentucky's trailing five-year GDP growth ranks it 28th out of all 50 US states. State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state.
Kentucky's current budget The enacted budget included $42 billion in total spending and $14.1 billion in general fund spending for 2023.
FRANKFORT, Ky. (July 13, 2023) ? Today, Gov. Andy Beshear announced the largest revenue surplus in the commonwealth's history. The General Fund receipts for fiscal year 2023 totaled $15.1 billion, exceeding budgeted estimates by $1.4 billion.
Ing to Beshear, the general fund receipts for the fiscal year totaled more than $15 billion, exceeding budgeted estimates by $1.4 billion. It marks the third consecutive year the general fund has seen a budget surplus of more than $1 billion.