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Terms Used In 5 Guam Code Ann. § 22436

  • 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.
(a) Beginning in Fiscal Year 2010, I Liheslatura (the Legislature) shall not appropriate more than ninety-eight percent (98%) of the total revenues projected for the General Fund for the fiscal year until such time as the General Fund deficit is eliminated. All unappropriated annual General Fund revenues collected in excess of appropriations shall be used to liquidate obligations for refunds, earned income tax credits and prior years’ vendor payables.

I Liheslatura (the Legislature) shall appropriate not less than two percent (2%) of the total revenues projected for the General Fund for each fiscal year to the Rainy Day Fund established pursuant to § 22901, Article 9, Division 2, Chapter 22, Title 5, Guam Code Annotated, until such time as indicated in § 22904, Article 9, Division 2, Chapter 22, Title 5 Guam Code Ann..

(b) Emergency. To the extent necessary to deal with any disaster or emergency this General Fund Appropriations Cap may
be temporarily lifted in the event I Maga’håga (the Governor), the President of the United States, or I Liheslatura (the Legislature) by vote of a majority of its Members declares Guam to be in a state of emergency or any similar designation.

SOURCE: Added by P.L. 29-113:VI:23 (Sept. 30, 2008), entitled
“”General Fund Appropriations Cap.”” Amended and renamed by P.L. 35-
036:XII:26 (Sept. 4, 2019).

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