(a) The operating budget of the authority is subject to Alaska Stat. Chapter 37.07 (Executive Budget Act).
Terms Used In Alaska Statutes 44.88.205
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.
(b) To further ensure effective budgetary decision making by the legislature, the authority shall
(1) annually review the authority’s assets to determine whether assets of the authority exceed an amount required to fulfill the purposes of the authority as defined in this chapter; in making its review, the authority shall determine whether, and to what extent, assets in excess of the amount required to fulfill the purposes of the authority during at least the next fiscal year are available without
(A) breaching any agreement entered into by the authority;(B) materially impairing the operations or financial integrity of the authority; or(C) materially affecting the ability of the authority to fulfill the authority’s purposes set out in Alaska Stat. § 44.88.070; and(2) make available to the legislature by January 10 of each year a complete accounting of all assets of the authority and a report of the review and determination made under (1) of this subsection; the accounting shall be audited by the auditor who conducts the audit required by Alaska Stat. § 44.88.200 and must include a full description of all loan interest and principal payments and program receipts, including
(A) loan commitment fees received by or accrued to the authority during the preceding fiscal year; and(B) all income earned on assets of the authority during that period.
