Maryland Code, STATE FINANCE AND PROCUREMENT 7-303
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Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 7-303
- 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
At the end of a fiscal year, the amount of the unspent part of an appropriation that is needed to meet unpaid obligations incurred during that fiscal year does not revert to the General Fund of the State.