17 Guam Code Ann. § 16118
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Terms Used In 17 Guam Code Ann. § 16118
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
) On February 15th, or earlier, of each year, a budget requirement for the following Fiscal Year for personnel and operating costs necessary for carrying out the mission, purposes and general activities of the University, including funds necessary for student loans, scholarships, and financial aid, shall be certified by the Board and submitted to the Legislature. Following public budget hearings before the Legislature, an appropriation shall be made available to the University in an amount to be determined by the Legislature based upon the fiscal condition of the government of Guam, to be allotted in four (4) appropriately
disproportional quarterly installments which shall be remitted on the first day of each quarter of the appropriate University Year, under the full fiscal control of the Board which shall be fully accountable for the appropriate expenditure of all University funds. Such appropriation for the annual personnel and operating costs of the University shall not include any sums collected by the University from student tuition and fees. University funds derived from fees shall be considered non-appropriated funds of the University under the fiscal control of the Board. One Hundred Percent (100%) of the funds derived from student tuition shall be deposited in the University of Guam Bond Fund for repayment of general obligation bonds in accordance with 5 Guam Code Ann. ‘22340(k). A Fiscal Year shall run concurrently with the Fiscal Year of the territorial agencies of the government of Guam. A University Year shall run from August 1 to July 31.
disproportional quarterly installments which shall be remitted on the first day of each quarter of the appropriate University Year, under the full fiscal control of the Board which shall be fully accountable for the appropriate expenditure of all University funds. Such appropriation for the annual personnel and operating costs of the University shall not include any sums collected by the University from student tuition and fees. University funds derived from fees shall be considered non-appropriated funds of the University under the fiscal control of the Board. One Hundred Percent (100%) of the funds derived from student tuition shall be deposited in the University of Guam Bond Fund for repayment of general obligation bonds in accordance with 5 Guam Code Ann. ‘22340(k). A Fiscal Year shall run concurrently with the Fiscal Year of the territorial agencies of the government of Guam. A University Year shall run from August 1 to July 31.
(b) Anything herein to the contrary notwithstanding, the Legislature may appropriate any additional funds for carrying out the activities of the University.
(c) No agreements to borrow money which shall be repaid in more than ten (10) years from the date of execution of such agreement shall be entered into by the University without prior Legislative approval.(d) The Board shall disburse such funds as the Legislature may appropriate for the purpose of carrying out the activities of the University.
SOURCE: GC § 11843, as repealed and added by P.L. 13-194, as R/R by P.L. 19-40:1. Amended by P.L. 21-136:3. Subsection 16118(a) was amended by P.L. 22-19:6; P.L. 22-41:1i (9/29/93). Subsection (c) amended by P.L. 35-114:6 (Dec. 11, 2020).