12 Guam Code Ann. § 8117
Terms Used In 12 Guam Code Ann. § 8117
- Budget resolution: Legislation in the form of a concurrent resolution setting forth the budget. The budget resolution establishes various budget totals, divides spending totals into functional categories (e.g., transportation), and may include reconciliation instructions to designated committees.
- 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) The Board may authorize, by annual budget resolution and amendments thereto, the payment of demands against the Authority resulting from its exercise of the powers prescribed in this Act, for a period of one (1) year if:
(1) the purposes and amounts of such demands are projected in a budget expressed in terms of major account groups of the Uniform System of Accounts, which has been adopted by the Board after receiving recommendations of the General Manager; and
(2) if the specific demands which are made are approved by the Board or the General Manager prior to payment.
(c) The Board shall employ a firm of independent certified public accountants who shall examine and report to the Board, at least annually, upon the status of the financial records and
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 8 GUAM POWER AUTHORITY
accounts maintained by the Authority. Copies of any such report shall be furnished to the Governor and to the Legislature.
(d) The Board shall report to the Governor concerning its administration of the affairs of the Authority. It shall present an annual report within one hundred twenty (120) days after the end of each fiscal year and, if requested by the Governor, shall present special reports within thirty (30) days after the end of each intervening quarter. The financial information presented in such reports shall be in accordance with the Uniform System of Accounts adopted by the Board. Copies of any such reports, including the annual and special reports, shall be furnished to the Legislature.
SOURCE: GC § 21511.
2012 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered to adhere to the Compiler’s alpha-numeric scheme.