Title VI, Financial Administration

-- Definitions for chapter. (1) As used in KRS 41.070, 41.110, 41.120, 41.130, 41.280, 41.290, or 41.300, unless the context requires otherwise, the terms "appropriation," "budget unit," "disbursements," "expenditures," "expenses," and "receipts" have the meaning given them by KR…

The Department of the Treasury shall be headed by the State Treasurer. He or she shall keep his or her office at the seat of government.

(1) The Treasurer shall appoint an assistant and may remove him or her at pleasure. The assistant shall take the constitutional oath. The assistant may perform any of the duties of the Treasurer, excepting the signing of checks, and shall perform the duties of clerk. (2) If the T…

depositories -- Records of agencies. (1) Unless otherwise expressly provided by law, no receipts from any source of state money or money for which the state is responsible shall be held, used, or deposited in any personal or special bank account, temporarily or otherwise, by any …

agencies -- Approval of travel expenses of state constitutional officers. (1) The Treasurer shall receive notification from state agencies of all money due or payable to the state. The Treasurer shall provide acknowledgment of the notification to the Finance and Administration Ca…

(1) No public money shall be withdrawn from the Treasury for any purpose other than that for which its withdrawal is proposed in accordance with the Constitution and statutes of the Commonwealth of Kentucky, nor unless it has been appropriated by the General Assembly or is a part…

Manner of authorization. (1) All claims against the state shall be paid by the Treasurer on the warrants of the Finance and Administration Cabinet. (2) All warrants issued in accordance with the provisions of this chapter shall, when signed by the secretary of the Finance and Adm…

system of accounts. (1) Each warrant of the Finance and Administration Cabinet upon the Treasury shall specify the date, amount, and person to whom payable, and no money shall be disbursed by the Treasurer unless the warrant contains these specifications. (2) No warrant shall be …

(1) No money shall be paid out of the Treasury except by the check of the Treasurer upon a state depository, or through the provisions of KRS 45A.655. (2) Payments may be made direct by the Treasurer to the persons entitled to receive them, by mail or otherwise, or through the he…

(1) Notwithstanding the provisions of KRS 337.010 through 337.070 and 41.160, the Treasurer shall pay, by electronic fund transfer, the wages of any state employee who makes a prior written request to the employing state agency to be paid by electronic fund transfer. The Treasure…

The State Treasurer may withdraw funds from or deposit funds in the State Treasury by means of electronic funds transfers. The Finance and Administration Cabinet shall obtain a payee's prior, written consent for the payment of funds due him or her from the State Treasury by means…

All warrants heretofore or hereafter issued by the state, whether the date of maturity is fixed or not, are negotiable instruments. No warrant shall be subject to taxation by the state or any subdivision thereof.

All public money of the state received into the Treasury shall be deposited, on the day it is received, in one (1) or more of the state depositories.

requirement -- Use of banks if state depositories not designated. (1) Not less than three (3) solvent banks shall be designated as state depositories for state funds. Each bank designated shall have not less than the minimum capital stock as required by the primary state or feder…

For services rendered by state depositories, compensation shall be made in the form of a predetermined fee or a predetermined compensating balance. State depositories shall each pay to the state, in proportion to the deposits received, interest at such rate per annum upon the ave…

reduced pledge -- Eligible securities and other obligations. (1) (a) Before any bank shall be named as a state depository to receive public funds, it shall either pledge or provide to the State Treasurer collateral having an aggregate current face value or current quoted market v…

The execution of the bond or the pledge of the warrants or bonds required by KRS 41.240 shall not diminish the liability of the Treasurer and his or her sureties upon his or her bond, nor impair or delay the right of the state to recover on the Treasurer's bond for any loss or mi…

Whenever the Treasurer decides to transfer any deposit of public money from one (1) state depository to another, the Treasurer shall notify the Finance and Administration Cabinet, describing the proposed transfer and the deposit of money to be transferred. On receipt of the notif…

(1) The Commonwealth of Kentucky shall maintain a unified and integrated system of accounts. As a part of any unified and integrated system of accounts: (a) The Treasurer shall maintain the necessary records to exhibit accurately the Treasury's cash balance; (b) The Finance and A…

Every department, institution or other agency of the state government having private funds or contributions available for its support or for the purpose of defraying the expenses of any work done under its direction shall deposit such funds or contributions with the Treasurer, an…

There shall be a special deposit fund consisting of all money received by the state or any department or officer thereof as guarantees for the payment of any costs, charges or damages accruing or liable to accrue to the state or for the performance of any specific act, including …

(1) The elder and vulnerable victims trust fund is created as a separate revolving fund in the Office of the State Treasurer. (2) The moneys in the trust fund shall be expended only as provided in this section and are hereby appropriated for those purposes. (3) The State Treasure…

Finance and Administration Cabinet on a monthly basis. The Finance and Administration Cabinet shall furnish the Treasurer with information regarding the status of each receipt and expenditure account. At the end of each month, the Treasurer shall furnish the Finance and Administr…

The Governor may require, at any time, a full statement of the condition of the Treasury from the Finance and Administration Cabinet, Treasurer, and the state depositories. The Treasurer shall, at all times when called upon by the Governor, exhibit his or her books and accounts o…

Certification by assistant treasurer in case of vacancy due to death or incapacitation of Treasurer. (1) Upon the expiration of the term of office of the Treasurer, or if a vacancy occurs, the outgoing Treasurer shall certify in writing that the accounts and inventory of the Trea…

(1) Treasury checks and records that are susceptible to photostatic reproduction may be proved as to foundation, identity, and authenticity without any preliminary testimony, by use of legible and durable copies, certified in the manner provided herein by the State Treasurer as c…

(1) Canceled checks and records of all electronic transactions of the State Treasurer debiting state depositories shall be preserved by the State Treasurer for a period of ten (10) years. (2) For purposes of this subsection, preservation of records may be in an electronic format,…

purchases. (1) Where any officer or employee of the state government or of any agency of the state government has authorized the State Treasurer to deduct from his compensation as such officer or employee a sum or sums for the purchase of United States Series E savings bonds, and…

check. (1) Any check issued by the State Treasurer shall not be valid as an order for payment after one (1) year from its date of issue and this limitation shall appear on all checks issued. The State Treasurer is authorized to clear the records of all such unpaid checks and cred…

(1) A duplicate check shall be issued by the Treasurer upon: (a) Receipt of a notarized affidavit, which may be transmitted to the Treasury in an electronic format, signed by the payee and stating that the original check has been lost or stolen; and (b) A review of the records of…

(1) The child victims' trust fund is created as a separate fund in the office of the State Treasurer. The fund shall be expended only as provided in this section. (2) The State Treasurer shall credit to the trust fund all amounts received for this purpose and any amounts received…

Executive director -- Duties. (1) The Commonwealth Council on Developmental Disabilities is created within the Department of the Treasury. (2) The Commonwealth Council on Developmental Disabilities is established to comply with the requirements of the Developmental Disabilities A…

(1) As used in this section, "STABLE Kentucky account" has the same meaning as in KRS 164A.260. (2) The Department of the Treasury shall be responsible for administering in accordance with this section and KRS 164A.260 and promoting STABLE Kentucky accounts. (3) In order to ensur…

Membership -- Terms -- Vacancies -- Removal -- Appeal. (1) As used in KRS 41.450 to 41.465: (a) "Board" means the board of directors of the commission; and (b) "Commission" means the Kentucky Financial Empowerment Commission. (2) The commission is created and established as an in…

interest -- Administrative support. (1) (a) The State Treasurer shall serve as chair of the board of the commission. (b) At the first board meeting following initial appointment of all board members, the board shall elect a vice chair from its membership, and a vice chair shall b…

(1) All powers and duties conferred upon the commission in this chapter shall be exercised by the board, including but not limited to the following: (a) To adopt bylaws and operate according to its bylaws; (b) To enter into agreements, contracts, or other documents with any: 1. F…

(1) (a) The commission shall annually procure a financial statement audit of all funds and accounts within its control. (b) The audit shall be conducted in accordance with generally accepted government auditing standards. (2) (a) The commission shall not enter into any contract w…

The General Assembly finds that: (1) Fossil fuels currently supply more than eighty percent (80%) of the world’s primary energy, and the United States Energy Information Administration still projects global consumption of fossil fuels to increase steadily at least through 2050; (…

common law obligations. (1) As used in KRS 41.470 to 41.476: (a) "Company" means a for-profit sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or…

boycotts -- Communication with financial company regarding divestment or sale of publicly traded securities -- Divestment delay -- Exemptions. (1) (a) The Treasurer shall prepare and maintain, and provide to each state governmental entity through publication on the Treasurer's of…

and Treasurer. (1) No later than December 1, 2023, and each December 1 thereafter, each state governmental entity shall file a publicly available report with the Treasurer, the Legislative Research Commission, and the Attorney General that: (a) Identifies all securities sold, red…

company engaging in energy company boycott. (1) As used in this section: (a) "Company" has the same meaning as in KRS 41.472, except that it shall not include a sole proprietorship; (b) "Energy company boycott" has the same meaning as in KRS 41.472; and (c) "Governmental entity" …

(1) If the president or cashier of any state depository willfully violates any of the provisions of KRS 41.230, 41.240, 41.270 or 41.320, he shall be fined not less than one thousand dollars ($1,000). (2) Any officer, agent or employee of any budget unit who willfully fails or re…