Annualization Positive annualization is the additional incremental cost in the next fiscal year of new programs, program expansions, or other efforts which are started sometime during the current fiscal year. Capital accounts are administered through a different process. Retained revenue receipts, federal grants, and trust funds are automatically fully allotted. If an account needs to spend at a greater rate than the periodic allotment, the agency submits an allotment request. A fraction of the money in budgetary accounts is automatically allotted periodically: between 1/12 for one month and 1/3 for four months. Although obligations can be incurred without money being allotted, money must be allotted before money can be paid out. Allotment The process of making money that has been appropriated by the Legislature available for expenditure. All other acts take effect 90 days after the Governor's approval, except for acts which have an emergency preamble, which take effect immediately. Appropriation acts take effect immediately upon approval by the Governor. Unless an Act is of limited scope or duration, it is usually written as an amendment to the General Laws.
So the first law passed in January is called Chapter 1 of the Acts of 20_ the next law is Chapter 2 of the Acts of 20_, etc. The legislative session runs by calendar year and Acts are numbered consecutively in each session. Under certain conditions, Administration and Finance may approve an extension until September 15. Funds should be encumbered by June 30, and paid before August 31, when unspent encumbrances lapse.
Accounts Payable Payments owed for goods or services received before the close of a fiscal year.
Accounts Accounting entities by which MMARS records the status of expenditure authorizations and revenue estimates. Account type There are six main account groupings for expenditure accounts, which are designated in MMARS by the indicated codes: direct appropriation (1CN, 1CS), retained revenue (1RN, 1RS), capital (2CN), trust/other (3TN, 3TX), federal grant (4FN), and intragovernmental services (1IN, 1IS).
0 kommentar(er)
