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91A.010 Definitions for KRS 91A.010 to 91A.060.

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91A.010 Definitions for KRS 91A.010 to 91A.060. As used in KRS 91A.010 to 91A.060, unless the context otherwise requires: <br>(1) &quot;Budget&quot; means a proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year. (2) &quot;Debt service&quot; means the sum of money required to pay installments of principal and interest on bonds, notes, and other evidences of debt accruing within a fiscal <br>year and to maintain sinking funds. (3) &quot;Encumbrances&quot; means obligations in the form of purchase orders or contracts that are chargeable to an appropriation. An obligation ceases to be an encumbrance <br>when paid or when the actual liability is recorded. (4) &quot;Executive authority&quot; means the mayor in any city organized under the mayor- council plan or mayor-aldermen plan, the commission in any city organized under <br>the commission plan, or the board in any city organized under the city manager <br>plan. (5) &quot;Fiscal year&quot; means the accounting period for the administration of fiscal operations. (6) &quot;Generally accepted governmental auditing standards&quot; means those standards for audit of governmental organizations, programs, activities, and functions issued by <br>the Comptroller General of the United States. (7) &quot;Generally accepted principles of governmental accounting&quot; mean those standards and procedures promulgated and recognized by the Governmental Accounting <br>Standards Board. (8) &quot;Legislative body&quot; means the council in cities organized under the mayor-council plan, the board of aldermen in cities of the first class organized under the mayor-<br>aldermen plan, the commission in cities organized under the commission plan and <br>the board of commissioners in cities organized under the city manager plan. Effective: July 14, 1992 <br>History: Amended 1992 Ky. Acts ch. 33, sec. 2, effective July 14, 1992. -- Created 1980 Ky. Acts ch. 232, sec. 1, effectiveJuly 15, 1980.