The Kentucky Ordinance Adopting the Budget is a legislative measure that outlines the financial plan for the state of Kentucky. This budgetary ordinance serves as a crucial tool in managing the allocation of funds for various government programs, projects, and services throughout the fiscal year. The key purpose of the Kentucky Ordinance Adopting the Budget is to establish a comprehensive spending plan that aligns with the state's priorities and objectives. It ensures that financial resources are effectively and efficiently utilized to meet the needs of the residents, promote economic growth, and maintain a balanced budget. This ordinance encompasses various aspects related to the state's budget, including revenue estimates, expenditure projections, and specific appropriations for different government agencies and sectors. It takes into account factors such as state revenues, federal grants, taxes, and other sources of funding. By analyzing these factors, policymakers can make informed decisions on how to allocate resources to effectively serve the public interest. The Kentucky Ordinance Adopting the Budget undergoes a rigorous process before becoming law. It starts with the governor's submission of a proposed budget to the legislature. Subsequently, the legislature reviews, deliberates, and potentially amends the proposed budget to reflect their priorities and incorporate any necessary adjustments. After thorough examination, debate, and voting, the final version of the budget is adopted through the Kentucky Ordinance Adopting the Budget. There are different types of Kentucky Ordinance Adopting the Budget, based on the fiscal year for which they are applicable. Each year, a new budget ordinance is adopted to address the changing needs and priorities of the state. For example, the Kentucky Ordinance Adopting the Budget for fiscal year 2022 is focused on addressing the challenges and opportunities specific to that year. The Kentucky Ordinance Adopting the Budget acts as a financial roadmap for Kentucky's government activities during the specified fiscal year. It guides the administration's decision-making process, ensuring that taxpayer dollars are allocated appropriately to support essential services, education, healthcare, infrastructure development, public safety, and other crucial areas. In conclusion, the Kentucky Ordinance Adopting the Budget is a legislative instrument that sets forth the state's fiscal plan for a specific year. It serves as a critical tool in efficiently managing state funds, addressing the needs of residents, and promoting the overall well-being of Kentucky's economy and society.
Kentucky Ordinance Adopting the Budget
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???????????????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.