5 Guam Code Ann. § 22904
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Terms Used In 5 Guam Code Ann. § 22904
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
All funds appropriated pursuant to § 22436, Chapter 22, Title
5, Guam Code Annotated, shall be deposited in the Rainy Day
Fund. However, no deposits to the Rainy Day Fund shall be made if the Fund’s assets exceed ten percent (10%) of the average gross operating requirements funded by the General Fund over the prior three (3) fiscal years. No expenditures from the Rainy Day Fund shall be made that reduce the Rainy Day Fund below the said ten percent (10%) average of the gross operating requirements funded by the General Fund over the prior three (3) fiscal years. Expenditures from the Rainy Day Fund shall only be authorized by an appropriation or appropriations authorization by the I Liheslaturan Guåhan.
5, Guam Code Annotated, shall be deposited in the Rainy Day
Fund. However, no deposits to the Rainy Day Fund shall be made if the Fund’s assets exceed ten percent (10%) of the average gross operating requirements funded by the General Fund over the prior three (3) fiscal years. No expenditures from the Rainy Day Fund shall be made that reduce the Rainy Day Fund below the said ten percent (10%) average of the gross operating requirements funded by the General Fund over the prior three (3) fiscal years. Expenditures from the Rainy Day Fund shall only be authorized by an appropriation or appropriations authorization by the I Liheslaturan Guåhan.
2020 NOTE: The requirement to deposit into the Rainy Day Fund was suspended for Fiscal Year 2020 by P.L. 35-085:2 (Apr. 28, 2020).