Arizona Laws 35-193. Revolving funds
A. The supervisory official of a budget unit may apply to the department of administration to provide a revolving fund in an amount that will allow the budget unit to pay operating expense items under procedures prescribed by the department of administration.
Terms Used In Arizona Laws 35-193
- 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
- Budget unit: means any department, commission, board, institution or other agency of this state receiving, expending or disbursing state monies or incurring obligations against this state. See Arizona Laws 35-101
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- 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.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. The application for a revolving fund shall state the purposes for which required, the amount deemed necessary, the person who will have custody of and be charged with handling and accounting the fund and the appropriation or other fund to which the revolving fund is to be charged.
C. The department of administration shall review the application as to purpose and reasonableness of amount requested and if acceptable may draw a warrant, check or electronic funds transfer voucher to the order of the officer applying therefor, and charge the amount thereof against the appropriation or other fund of that budget unit as requested.
D. The manner of accounting for a revolving fund shall be as prescribed by the director of the department of administration. A revolving fund established under this section does not revert to the state general fund at the end of the fiscal year.
E. At the request of the director of the department of administration, the applicant shall return to the state treasurer the full amount of the revolving fund or amount requested, and claims for services of the officer applying therefor or the head of the budget unit shall not be paid until the request has been complied with.