Maryland Code, EDUCATION 16-507
Terms Used In Maryland Code, EDUCATION 16-507
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The operating budget shall indicate:
(1) All revenues estimated for the next fiscal year classified by funds and sources of income; and
(2) All expenditures requested, including specification of expenditures for each major function established by the Commission under § 16-304 of this title.
(c) The President and Board of Trustees shall submit the operating and capital budgets to the Commission in accordance with the provisions of § 11-105(i) of this article.
(d) (1) All income of the College shall be deposited:
(i) In the State Treasury; or
(ii) As the State Treasurer directs.
(2) By an approved budget amendment, the College may spend or encumber within the fiscal year in which they are received, revenues received in excess of those estimated for any fiscal year.
(3) The unexpended or unencumbered balances of the College’s revenues:
(i) Shall be reported to the Comptroller and to the Secretary at the end of the fiscal year for which the appropriation was made;
(ii) Do not revert to the State Treasury at the end of each fiscal year; and
(iii) Shall be available for expenditure through an appropriation contained in the budget bill or through an approved budget amendment.
(4) The interest or other income from the investment of any funds of the College shall be credited to the College, provided that any interest estimated to be earned on the State appropriation must be offset by an equivalent reduction in State General Fund support, and that amount will be reported annually to the General Assembly.
(e) The Legislative Auditor shall audit all expenditures and accounts of the College in accordance with §§ 2-1220 through 2-1227 of the State Government Article.