702 KAR 3:050 - Application to exceed budget
RELATES TO: KRS 156.031, 160.550
NECESSITY, FUNCTION, AND CONFORMITY: KRS 156.031 requires that administrative regulations relating to statutes amended by the 1990 Kentucky Education Reform Act be reviewed, amended if necessary and resubmitted to the Legislative Research Commission prior to December 30, 1990; and KRS 160.550 requires that no local school district may have a deficit budget situation except for a purpose for which bonds have been voted or upon a declaration of emergency by the State Board for Elementary and Secondary Education. This administrative regulation is necessary to provide a safeguard against deficit spending by local boards of education and to establish the process for declaration of an appropriate emergency.
Notes
STATUTORY AUTHORITY: KRS 156.070, 160.550
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