12 Guam Code Ann. § 14113
Terms Used In 12 Guam Code Ann. § 14113
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- Balanced budget: A budget in which receipts equal outlays.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
(1) the purposes and amounts of such demands are projected in the budget, expressed in terms of major account groups of the Uniform System of Accounts, which has been adopted by the Board after receiving recommendations from the General Manager; and
(2) if the specific demands which are made are approved by the Board before payment.
(c) The Board shall employ, in accordance with the appropriate procurement laws and the annual budget, a firm of locally licensed, independent Certified Public Accountants who shall annually examine the financial status and workings of the Authority for the previous fiscal year. Said firm shall submit to I Maga’lahen Guåhan [Governor], the General Manager and I Liheslaturan Guåhan, no later than February 1st of each year, a written report on the financial status and workings of the Authority during the previous fiscal year. The Board shall provide said report to I Maga’lahen Guåhan and I Liheslaturan Guåhan. I Maga’lahen Guåhan may request special reports within thirty (30) days after the end of each fiscal quarter. The financial information presented in the reports required by this Section shall be in accordance with the Uniform System of Accounts adopted by the Board.
Claims against the Guam Waterworks Authority shall be submitted to the Attorney General of Guam in accordance with the Government Claims Act.
SOURCE: Added by P.L. 23-119:1 (July 31, 1996). Amended by P.L.
26-015:6 (May 20, 2001).
2013 NOTE: Numbers and/or letters were altered to adhere to the
Compiler’s alpha-numeric scheme in accordance to 1 Guam Code Ann. § 1606.
§ 14113.1 Annual Budget.
For the purposes of Chapter 14 of Title 12 of the Guam Code Annotated, the term ‘annual budget’ means a balanced budget for expenditures of the Guam Waterworks Authority for a fiscal year
to be funded by the anticipated revenues and other funds to be received and expended for the same fiscal year, submitted to I Liheslaturan Guåhan and approved by law, with amendment and modification as may be desired by I Liheslaturan Guåhan. The budget shall not request an appropriation from the General Fund.
(a) On or before May 1, of each year, the Board shall approve and submit to I Liheslaturan Guåhan the annual budget for the following fiscal year.
(b) On or before the start of the following fiscal year, I Liheslaturan Guåhan shall approve, reject or modify the annual budget. No transfer of funds approved or authorized by the annual budget shall be valid, unless approved by I Liheslaturan Guåhan.
(c) If the Board fails to submit a budget for the next fiscal year, or if I Liheslaturan Guåhan fails to approve the annual budget before the next fiscal year, the current fiscal year’s budget shall become law for the next fiscal year, subject to legislative modification.
SOURCE: Added by P.L. 26-015:7 (May 20, 2001).
NOTE: The effective dates of the P.L. 26-015 amendments are: Section 8. Effective Dates. This Act shall become effective
immediately upon enactment. For purposes of Fiscal Year 2002, the Guam Waterworks Authority (AGWA@) shall submit its proposed annual budget to I Liheslaturan Guåhan within twenty (20) days of enactment of this Act. Said annual budget shall not contain any transfer of funds provisions and shall reduce costs to conform to GWA’s revenue generation estimate for Fiscal Year 2002. I Liheslaturan Guåhan shall have until September 1, 2001 to approve, reject or modify GWA’s Fiscal Year 2002 budget. In the event that I Liheslaturan Guåhan fails to act upon GWA’s Fiscal Year 2002 budget by September 1, 2001, said budget proposed by GWA shall become their budget for Fiscal Year 2002, subject to further subsequent modification by I Liheslaturan Guåhan and to the budgetary limitations set forth in this Section.
Effective upon enaction of this Act, the Authority shall not enter into any contract with a term greater than two (2) years, except as otherwise specifically permitted by law. Any such contract shall be void ab initio.