5 Guam Code Ann. § 4123
Terms Used In 5 Guam Code Ann. § 4123
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
(1) Designated state agency means an agency or authority of the government of Guam; and includes a department, institution, board, bureau, commission, council, committee of Guam government, branch, autonomous instrumentality, public corporation funded by public taxes or funds, or other public entity of the government of Guam.
(2) Designated state agency does not include the judicial branch, the legislative branch, or an office or other entity within the judicial branch or the legislative branch.
(3) Federal receipts means the federal financial assistance, as defined in 31 U.S.C. § 7501, that is reported as part of a single audit.
(4) Single audit is as defined in 31 U.S.C. § 7501. (b) Federal Receipts Reporting Requirements.
(1) Designated state agencies shall each year, on or before
October 31, prepare a report that:
(A) reports the aggregate value of federal receipts the designated state agency received for the preceding fiscal year;
(B) reports the aggregate amount of funds for federal matching grants in aid appropriated by I Liheslaturan Guåhan (the Guam Legislature) to the designated state agency for the preceding fiscal year;
(C) calculates the percentage that constitutes federal receipts of the total budget for the designated state agency received for that fiscal year; and
(D) develops a plan(s) for operating the designated state agency, and its affected federal program(s) if there is a reduction in the federal receipts that the designated agency receives.
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5 Guam Code Ann. GOVERNMENT OPERATIONS
CH. 4 PROGRAM BUDGETING AND FINANCIAL MANAGEMENT
(2) The designated state agencies shall submit the report to the Bureau of Budget and Management Research (BBMR) on or before November 1 of each year.
(3) The BBMR shall, on or before November 30 of each year, prepare a report that:
(A) compiles and summarizes the reports that the BBMR
receives in accordance with Subsection (2); and
(B) compares the aggregate value of federal receipts each designated state agency received for the previous fiscal year to the aggregate amount of federal funds to the total budget of the designated state agency for that fiscal year.
(4) BBMR shall, as part of the report required by Subsection (3), compile a list of designated state agencies that do not submit a report as required by this Section.
(5) BBMR shall submit the report required by Subsection (3) to the legislative appropriations committee and the Speaker of I Liheslaturan Guåhan on or before December 1 of each year.
(6) Upon receipt of the report required by Subsection (3), the legislative appropriations committee shall place the report on the agenda for review and consideration at the next committee meeting.
(7) When considering the report required by Subsection (3), the legislative appropriations committee may elect to:
(A) recommend that I Liheslaturan Guåhan (the Guam Legislature) reduce or eliminate the appropriations for a designated state agency;
(B) take no action; or
(C) take another action that a majority of the committee approves.
SOURCE: Added by P.L. 33-086:2 (Nov. 9, 2015).