(1) Each city shall keep its accounting records and render financial reports in such a way as to:
- (a) Determine compliance with statutory provisions;
- (b) Determine fairly and with full disclosure the financial operations of constituent funds and account groups of the city; and
- (c) Conform with generally accepted governmental accounting principles, except cities receiving and expending, from all sources and for all purposes, less than fifteen million dollars ($15,000,000) may choose to conform with the cash or the modified cash basis of accounting.
- (2) Municipal accounting systems shall be organized and operated on a fund basis.
Effective: July 15, 2026
History: Amended 2026 Ky. Acts ch. 91, sec. 1, effective July 15, 2026. -- Amended 2000 Ky. Acts ch. 208, sec. 1, effective July 14, 2000. -- Created 1980 Ky. Acts ch. 232, sec. 2, effective July 15, 1980.