The surplus property revolving fund, as created by chapter 161, laws of 1957, is hereby maintained and continued to carry out the provisions of sections 67-5740—67-5744, Idaho Code. The charges or fees received by the division of purchasing for acquisition, warehousing, distribution or transfer of surplus property shall be deposited and credited to the said surplus property revolving fund, which fund shall be available for expenditure in administering the provisions of sections 67-5740—67-5744, Idaho Code, including payment of the actual expenses of current operations and the purchase of necessary equipment, and the acquisition and maintenance of a working capital reserve within the surplus property revolving fund. Any prior appropriation made to the revolving fund is hereby declared to be exempt from the provisions of the Standard Appropriations Act of 1945.
The amount of the working capital reserve in any fiscal year shall be determined by the director of the department of administration and shall not exceed an amount equivalent to the estimated cost of operation of the surplus property function of the division for the next succeeding fiscal year; provided, however, that accounts receivable which are uncollectible and all liabilities incurred in the performance of sections 67-5740—67-5744, Idaho Code, including the unrepaid balance of the amount heretofore appropriated to the surplus property revolving fund from the general fund of the state of Idaho, shall be deducted from current assets in determining, as of the end of any fiscal year, the amount of working capital reserve for the next succeeding fiscal year.

Terms Used In Idaho Code 67-5744

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: includes both real and personal property. See Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
In any fiscal year the director of administration may transfer from the surplus property revolving fund to the general fund of the state of Idaho any sum not exceeding the unrepaid balance of the amount heretofore appropriated to the surplus property revolving fund. Upon termination or repeal of sections 67-5740—67-5744, Idaho Code, any balance remaining in said revolving fund not exceeding the unrepaid balance of the amount heretofore appropriated to the surplus property revolving fund is hereby transferred to and made a part of the general fund of the state, and any balance remaining in the said revolving fund in excess of the said unrepaid balance shall be disposed for the benefit of qualified public health, educational, civil defense, and other organizations or institutions within the state of Idaho in accordance with the requirements of federal law.