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45A.650 Purchases under $50 -- Petty cash accounts.

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45A.650 Purchases under &#36;50 -- Petty cash accounts. Purchases of less than fifty dollars (&#36;50), at the discretion of the Finance and <br>Administration Cabinet, may be made on the open market by cash payment from petty <br>cash accounts set aside for that purpose. The Finance and Administration Cabinet shall <br>determine the amount of the petty cash account of each state agency, and inspect the petty <br>cash accounts at least once each year to ensure that the total, plus amount of receipts for <br>the unreplenished disbursements, is equal to the fixed sum of cash set aside. The Finance <br>and Administration Cabinet shall make all necessary rules and regulations governing use <br>and replenishment of petty cash funds. An agency shall not split or parcel purchases over <br>a period of time to evade the provisions of this section or applicable regulations. If <br>purchases are so split or parceled, the agency head is liable for the amount authorized to <br>be expended. In the case of a shortage in a petty cash account, the agency head is liable <br>for the amount of the shortage. Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 496, sec. 6, effective July 13, 1990.