§304A-2007  Special and revolving funds; annual report; expenditures in excess of appropriations.  (a)  The university shall annually provide to the legislature, at least twenty days prior to the convening of the regular session, an itemized account of the income to and the expenditure from each university special and revolving fund during the previous fiscal year.

     (b)  [Repeal and reenactment on June 30, 2016.  L 2011, c 92, §3.]  The report shall include:

     (1)  All expenditures in excess of each fund's appropriation for each fiscal year; and

     (2)  For each fund, listed by program identification number, that has an unencumbered cash balance of $1,000,000 or more or a cash deficit of $1,000,000 or more at the end of the previous fiscal year, where that balance or deficit is greater than twenty-five per cent of the previous fiscal year's expenditures, the estimated:

         (A)  Expenses for the current fiscal year;

         (B)  Revenues for the current fiscal year; and

         (C)  Unencumbered cash balance or cash deficit at the end of the current fiscal year.

     (c)  The itemized account of income and expenditures  required under this section shall be in addition to any other item for reporting that the legislature may specifically require under the law establishing the special or revolving fund. [L 2006, c 75, pt of §2; am L 2011, c 92, §1]



Previous Vol05_Ch0261-0319 Next