Small purchases by local public agencies

(1) The local public agency may use small purchase procedures for any contract for which a determination is made that the aggregate amount of the contract does not exceed fifty thousand dollars ($50,000) if small purchase procedures are in writing and available to the public. (2) Beginning in calendar year 2030, the small purchase maximum amount set out in subsection (1) of this section shall be increased by ten thousand dollars ($10,000) every five (5) years effective on January 1 of each year. The Finance and Administration Cabinet shall, through a technical advice memorandum or other official means of communication, announce the small purchase maximum amount in effect for the current year, and shall also prominently post that information on its website.