Annual Financial Reports

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Pursuant to KRS 424.220 cities with populations less than 20,000 must comply with requirements for preparing and submitting financial statements. Every public officer whose duty it is to “collect, receive, have the custody, control, or disbursement of public funds” must prepare an itemized sworn statement at the close of each fiscal year. The statement must contain the funds “collected, received, held, or disbursed” during the fiscal year just closed, unless the city opts to do monthly or quarterly statements in lieu of the annual statement as discussed in paragraph C or below. KRS 424.220(1).

The statement must show the total amount of funds collected and received during the fiscal year from each individual source, and the total amount of funds disbursed during the fiscal year to each individual payee. For disbursements, the city is required to show only aggregate amounts to vendors that receive disbursements exceeding $1,000 during the fiscal year. In addition, only the total of amounts paid to each individual as salary or commission and public utility bills must be shown. KRS 424.220(2),(3).

The financial statement must include a certificate from the cashier or other proper bank officers of the bank where the funds are or have been deposited during the past year, showing the balance, if any, of funds to the credit of the city. KRS 424.220(5).

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