{"data":{"id":"us-ky/krs-160.461","jurisdiction":"us-ky","citation":"KRS 160.461","heading":"Local board of education budget -- Schedule of adoption -- Minimum","body":"reserve.\n(1) Each local board of education, with the assistance of the district superintendent and\ndistrict finance officer, shall establish a budget for each fiscal year as follows:\n(a) On or before January 31, the superintendent shall submit to the local board for\nreview at a public meeting a draft budget that provides line item estimated\nrevenues and proposed expenditures for the subsequent fiscal year;\n(b) On or before May 31:\n1. And at least two (2) weeks prior to the public meeting required by\nsubparagraph 2. of this paragraph, the superintendent shall submit to the\nlocal board a complete proposed tentative budget for the local board's\nconsideration; and\n2. At a public meeting of the local board:\na. The local board shall review the proposed tentative budget; and\nb. After any discussion or amendment, the local board shall adopt a\ntentative budget for the subsequent fiscal year; and\n(c) On or before September 30:\n1. And at least two (2) weeks prior to the meeting required by\nsubparagraph 2. of this paragraph, the superintendent shall:\na. Submit to the local board a complete proposed working budget for\nthe local board's consideration;\nb. Submit to the local board a report explaining:\ni. The projected revenues from the various taxes levied by the\ndistrict;\nii. The appropriations that the district expects to receive from\nstate and federal sources;\niii. The projected expenditures for personnel, transportation,\nmaintenance, and materials for the operation of the district;\niv. Any one (1) time major expenses expected for the year,\nincluding those for special projects or programs;\nv. The projected revenues and expenditures associated with\nrestricted funds, including facilities funds;\nvi. The costs associated with debts incurred by the district; and\nvii. How the minimum reserve required in subsection (2) of this\nsection shall be maintained; and\nc. Deliver the items in subdivisions a. and b. of this subparagraph in\na digital format to local board members. However, if a local board\nmember requests the items also be delivered in physical format,\nthe superintendent shall provide those within one (1) business day\nof the request in the format requested;\n2. At a public meeting of the local board:\na. The superintendent shall present to the local board:\ni. The proposed working budget; and\nii. The report required in subparagraph 1.b. of this paragraph;\nb. The local board shall review the proposed working budget; and\nc. After any discussion or amendment, the local board shall adopt a\nworking budget for the fiscal year; and\n3. The local board shall submit to the Kentucky Board of Education the\nadopted working budget for final approval.\n(2) A superintendent shall not propose and a local board o f education shall not adopt a\ndraft, tentative, or working budget that does not include a minimum reserve of at\nleast two percent (2%) of the total budget.","path":["KRS Chapter 160"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57647","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:08Z","sha256":"db7f891aeb38c8563b1070b7ab51c499cc946a942f82e778f18bdd1e346e0a1a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-160.460","next":"us-ky/krs-160.462"},"notice":"GroundRules: Original legal text. Not legal advice."}