(a) Commencing with fiscal year 2005-2006, each of the counties shall make contributions in accordance with § 88-123. The amounts payable under this part by each county on account of its employees who are members of the system shall be paid by the county as follows:
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) Before October 31, 2005, for the period from July 1, 2005, through September 30, 2005;(2) Commencing October 1, 2005, each county shall pay on a monthly basis the amounts payable by the county under this part on account of its employees who are members of the system. Payments shall be made within thirty days after the end of the month; and(3) Commencing July 1, 2016:
(A) On a monthly basis, within thirty days after the end of each month; or(B) In advance, in an amount greater than the amount payable for the current fiscal quarter, taking into account amounts previously paid during the quarter and any offsets for any excess contributions in the previous quarter.(b) The system shall determine the actual amount owed by a county under this part for each fiscal quarter, beginning with the first fiscal quarter of fiscal year 2005-2006. The actual amounts owed by the county for the fiscal quarter shall be compared against the amounts paid in the fiscal quarter and any excess contributions from the previous quarter. Any additional contributions owed by the county for a fiscal quarter shall be paid before the end of the next fiscal quarter. Any excess contributions by the county may be used to offset amounts owed by the county for the next fiscal quarter.(c) If the amount or any portion of the amounts owed is not paid by the county before the dates specified in subsection (a), the director of finance shall retain out of the transient accommodations tax money collected a sum equal to the amount or portion thereof not so paid. All the moneys retained and collected by the director of finance shall be deposited in the appropriate fund or funds of the system. The amount of any deficiency in meeting the obligations shall be added to the amount due from the county for the succeeding quarter.
