Montana Code 17-8-107. Limitations on spending deferred inflows of resources — exception — definition
17-8-107. Limitations on spending deferred inflows of resources — exception — definition. (1) Except as provided in subsection (2), no agency, including any unit of the university system, may expend deferred inflows of resources for current fiscal year operations.
Terms Used In Montana Code 17-8-107
- 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.
- subscription: includes the mark of a person who cannot write if the person's name is written near the mark by another person who also signs that person's own name as a witness. See Montana Code 1-1-203
(2)The Montana historical society is exempt from the provisions of subsection (1) to the extent that the expenditure of deferred inflows of resources received from magazine subscription fees is necessary to finance current fiscal year operations for the publication of its magazine of western history.
(3)For purposes of this section, “deferred inflows of resources” means funds received in 1 fiscal year but properly allocable and recorded as revenue in the subsequent fiscal year.