Maine Revised Statutes Title 5 Sec. 1533 – Declaration of budget emergency
Current as of: 2023 | Check for updates
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Terms Used In Maine Revised Statutes Title 5 Sec. 1533
- Commissioner: means the Commissioner of Administrative and Financial Services. See Maine Revised Statutes Title 5 Sec. 1531
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Stabilization fund: means the Maine Budget Stabilization Fund established in this chapter. See Maine Revised Statutes Title 5 Sec. 1531
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
If the Legislature has adjourned sine die prior to the close of a fiscal year and the commissioner has provided notification as required by section 1668 that indicates that available General Fund resources, including any reserve for the stabilization fund under section 1535, will not be sufficient to meet General Fund expenditures, the commissioner may declare a budget emergency. At the close of the fiscal year, the State Controller may transfer from the available balance in the stabilization fund to the General Fund unappropriated surplus up to the amount necessary to increase total General Fund resources for that fiscal year to be equal to General Fund expenditures. For the purposes of this section, the Governor may reduce the stabilization fund below the 1% minimum threshold established by section 1532. The Governor shall inform the Legislative Council and the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs immediately upon such transfers from the stabilization fund. [PL 2023, c. 412, Pt. I, §5 (AMD).]
SECTION HISTORY
PL 2005, c. 2, §A5 (NEW). PL 2005, c. 2, §A14 (AFF). PL 2023, c. 412, Pt. I, §5 (AMD).