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

As used in KRS 91A.010 to 91A.060, unless the context otherwise requires:

(1) "Budget" means a proposed plan for raising and spending money for specified

programs, functions, activities, or objectives during a fiscal year.

(2) "Debt service" 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

year and to maintain sinking funds.

(3) "Encumbrances" means obligations in the form of purchase orders or contracts that

are chargeable to an appropriation. An obligation ceases to be an encumbrance

when paid or when the actual liability is recorded.

(4) "Executive authority" means the mayor in any city organized under the mayor -

council plan or mayor -aldermen plan, the comm ission in any city organized under

the commission plan, or the board in any city organized under the city manager

plan.

(5) "Fiscal year" means the accounting period for the administration of fiscal

operations.

(6) "Generally accepted governmental auditing standards" means those standards for

audit of governmental organizations, programs, activities, and functions issued by

the Comptroller General of the United States.

(7) "Generally accepted principles of governmental accounting" mean those standards

and p rocedures promulgated and recognized by the Governmental Accounting

Standards Board.

(8) "Legislative body" 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 -

aldermen plan, the commission in cities organized under the commission plan and

the board of commissioners in cities organized under the city manager plan.