Florida Regulations 5J-17.102: Financial Integrity of the Board
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(1) For the purposes of this chapter, the following definitions shall apply:
(a) “”Anticipated costs”” means the projected direct and indirect costs and administrative overhead of the Board based upon the current fiscal year‘s legislative appropriation enactment and other anticipated initiatives.
(b) “”Reasonable cash balance”” means a positive cash balance which must exist at the end of each fiscal year, plus and minus the Department’s projections of revenue and expenditures of the Board for the next 24-month period.
(c) “”Projection”” means the Department’s projected cash balance for the Board based upon the Board’s projected revenues including license fees, application fees, examination fees, and fines, and the Department’s projected anticipated costs for the Board.
(2) The Department shall notify the Board when the Board’s license fees are inadequate to maintain a reasonable cash balance based upon the Department’s projection.
(3) When sufficient action is not taken by the Board within one calendar year of notification as required in subsection (1), the Department shall set license fees on behalf of the board to cover all anticipated costs and to maintain a reasonable cash balance.
(4) The Department is authorized to permit a temporary loan of funds to the Board, if the Board is operating at a deficit. Any request for a loan shall be made to the Director of the Division of Consumer Services and shall state:
(a) That the Board is currently operating at a deficit; and,
(b) That the Board has already assessed a one-time fee to eliminate the cash deficit or to maintain the financial integrity of the Board within the last fiscal year.
(5) Upon verification of the information stated in the request, the Department shall loan funds sufficient to maintain a reasonable cash balance.
(6) No action taken under this section will extend beyond two years. All loans authorized under this section will be repaid by the Board within two years from the date of the loan. All loans authorized under this section will be repaid with interest calculated at the then prevailing rates paid for investments in the State Treasury to the credit of the General Inspection Trust Fund of the Department of Agriculture and Consumer Services.
Rulemaking Authority 472.008, 472.011 FS. Law Implemented Florida Statutes § 472.011. History-New 10-17-12.
Terms Used In Florida Regulations 5J-17.102
- 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
- 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) “”Reasonable cash balance”” means a positive cash balance which must exist at the end of each fiscal year, plus and minus the Department’s projections of revenue and expenditures of the Board for the next 24-month period.
(c) “”Projection”” means the Department’s projected cash balance for the Board based upon the Board’s projected revenues including license fees, application fees, examination fees, and fines, and the Department’s projected anticipated costs for the Board.
(2) The Department shall notify the Board when the Board’s license fees are inadequate to maintain a reasonable cash balance based upon the Department’s projection.
(3) When sufficient action is not taken by the Board within one calendar year of notification as required in subsection (1), the Department shall set license fees on behalf of the board to cover all anticipated costs and to maintain a reasonable cash balance.
(4) The Department is authorized to permit a temporary loan of funds to the Board, if the Board is operating at a deficit. Any request for a loan shall be made to the Director of the Division of Consumer Services and shall state:
(a) That the Board is currently operating at a deficit; and,
(b) That the Board has already assessed a one-time fee to eliminate the cash deficit or to maintain the financial integrity of the Board within the last fiscal year.
(5) Upon verification of the information stated in the request, the Department shall loan funds sufficient to maintain a reasonable cash balance.
(6) No action taken under this section will extend beyond two years. All loans authorized under this section will be repaid by the Board within two years from the date of the loan. All loans authorized under this section will be repaid with interest calculated at the then prevailing rates paid for investments in the State Treasury to the credit of the General Inspection Trust Fund of the Department of Agriculture and Consumer Services.
Rulemaking Authority 472.008, 472.011 FS. Law Implemented Florida Statutes § 472.011. History-New 10-17-12.