Maryland Code, STATE FINANCE AND PROCUREMENT 3-306
Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 3-306
- 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
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The Central Collection Fund is a continuing, nonlapsing fund that is not subject to § 7-302 of this article.
(c) The Fund shall consist of all fees collected under § 3-304(a)(2) of this subtitle.
(d) Subject to the appropriation process in the State budget and subject to subsection (h) of this section, the Department shall use the Fund for the expenses of operating the Central Collection Unit.
(e) The State Treasurer shall hold and the State Comptroller shall account for the Fund.
(f) The Fund shall be invested and reinvested in the same manner as other State funds.
(g) Investment earnings accrue to the benefit of the Fund.
(h) For any fiscal year beginning on or after July 1, 2010, any balance in the Fund at the end of the fiscal year in excess of 15% of the actual expenses of operating the Central Collection Unit for that fiscal year reverts to the General Fund of the State.