South Dakota Codified Laws 4-8-25. Retention of appropriation balance to pay outstanding liabilities of terminated budget unit–Reversion to general fund after one year
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Whenever, by an act of the Legislature or by directive of any state department or institution, a budget unit, as defined by subdivision 4-7-1(9), becomes nonexistent, the commissioner of the Bureau of Finance and Management shall retain sufficient unexpended appropriation balance to pay all liabilities outstanding at the time the agency becomes nonexistent. At the end of one year, any unexpended balances shall lapse and cease to be available, and shall revert to the general fund if no other fund was designated.
Terms Used In South Dakota Codified Laws 4-8-25
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 1978, ch 39, § 2; SL 1982, ch 46.