KRS 160.461: Local board of education budget -- Schedule of adoption -- Minimum

reserve.

(1) Each local board of education, with the assistance of the district superintendent and

district finance officer, shall establish a budget for each fiscal year as follows:

(a) On or before January 31, the superintendent shall submit to the local board for

review at a public meeting a draft budget that provides line item estimated

revenues and proposed expenditures for the subsequent fiscal year;

(b) On or before May 31:

1. And at least two (2) weeks prior to the public meeting required by

subparagraph 2. of this paragraph, the superintendent shall submit to the

local board a complete proposed tentative budget for the local board's

consideration; and

2. At a public meeting of the local board:

a. The local board shall review the proposed tentative budget; and

b. After any discussion or amendment, the local board shall adopt a

tentative budget for the subsequent fiscal year; and

(c) On or before September 30:

1. And at least two (2) weeks prior to the meeting required by

subparagraph 2. of this paragraph, the superintendent shall:

a. Submit to the local board a complete proposed working budget for

the local board's consideration;

b. Submit to the local board a report explaining:

i. The projected revenues from the various taxes levied by the

district;

ii. The appropriations that the district expects to receive from

state and federal sources;

iii. The projected expenditures for personnel, transportation,

maintenance, and materials for the operation of the district;

iv. Any one (1) time major expenses expected for the year,

including those for special projects or programs;

v. The projected revenues and expenditures associated with

restricted funds, including facilities funds;

vi. The costs associated with debts incurred by the district; and

vii. How the minimum reserve required in subsection (2) of this

section shall be maintained; and

c. Deliver the items in subdivisions a. and b. of this subparagraph in

a digital format to local board members. However, if a local board

member requests the items also be delivered in physical format,

the superintendent shall provide those within one (1) business day

of the request in the format requested;

2. At a public meeting of the local board:

a. The superintendent shall present to the local board:

i. The proposed working budget; and

ii. The report required in subparagraph 1.b. of this paragraph;

b. The local board shall review the proposed working budget; and

c. After any discussion or amendment, the local board shall adopt a

working budget for the fiscal year; and

3. The local board shall submit to the Kentucky Board of Education the

adopted working budget for final approval.

(2) A superintendent shall not propose and a local board o f education shall not adopt a

draft, tentative, or working budget that does not include a minimum reserve of at

least two percent (2%) of the total budget.