Montana Code 77-1-132. Earnings reserve account
77-1-132. Earnings reserve account. (1) There is an earnings reserve account in the state special revenue fund.
Terms Used In Montana Code 77-1-132
- 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.
- Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)Funds are deposited in the earnings reserve account in accordance with the provisions of 77-1-108(4)(a) and must be accounted for by trust.
(3)The balance of this account may not exceed two times the appropriation to the trust land administration account for the last completed fiscal year prior to the legislative session that will appropriate money for the next biennium.
(4)The earnings reserve account must be invested. Any interest earned must be deposited in the earnings reserve account in proportionate share to each fund’s contribution to the account.