Maryland Code, STATE FINANCE AND PROCUREMENT 7-308
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Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 7-308
- 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
The Secretary of Budget and Management shall give each member of the General Assembly notice of:
(1) the total reversions at the end of each fiscal year; and
(2) any revision of an estimated reversion from an appropriation in the State budget for the current fiscal year.