5 Guam Code Ann. § 22903
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Terms Used In 5 Guam Code Ann. § 22903
- 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.
The Rainy Day Fund shall be expended by appropriation by law for the following purposes:
(a) eliminating or reducing any General Fund deficit existing at the end of a fiscal year substantially resulting from an unexpected, substantial decline in revenues received or due to the General Fund; or
(b) for expenses caused by a Guam emergency. No monies can be transferred from the Rainy Day Fund by the Governor pursuant to her transfer authority.