N.Y. Village Law 5-522 – Lapse of appropriations
§ 5-522 Lapse of appropriations. l. Each appropriation to the extent that it shall not have been expended or obligated, shall lapse at the close of the fiscal year for which made, except that an appropriation for a capital project shall continue in force until the purposes for which it was made shall have been accomplished or abandoned.
Terms Used In N.Y. Village Law 5-522
- 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.
2. For the purposes of this section "capital project" shall mean
a. any physical public betterment or improvement or any preliminary studies and surveys relative thereto,
b. land or rights in land,
c. any furnishings, machinery, apparatus or equipment for any physical public betterment or improvement when such betterment or improvement is first constructed or acquired, or
d. any combination of paragraphs a, b, and c.