KRS 48.400: Office of State Budget Director to monitor financial condition of

Commonwealth -- Quarterly reports -- Notification of actual or anticipated

surplus or decrease in tax receipts.

(1) The Office of State Budget Director shall continuously monitor the fin ancial

situation of the Commonwealth. Based upon reports from budget units and its own

estimates, the office shall no later than the tenth day of each month or more often if

necessary, report to the Governor, the Chief Justice, and the Legislative Research

Commission on the financial condition of the Commonwealth and its budget units.

(2) Within thirty (30) days of the close of each fiscal quarter, the state budget director

shall report to the head of each branch budget the actual revenue receipts from the

just-concluded quarter, as well as the projected revenue receipts for the next three

(3) fiscal quarters. The report shall include a comparison with the enacted estimates

and shall note any potential consequences to the Commonwealth's fiscal condition

as a result of revenue receipts that differ from those used in the enacted estimates.

(3) If there is an actual or anticipated surplus or decrease in total estimated tax receipts,

as reflected in the report required by subsection (2) of this section, immediate

notification shall be given to all branches of government.