Bill No.: HB0038 Drafter: DKG
LSO No.: 09LSO-0105 Effective Date: 7/1/2009
Enrolled Act No.: HEA0051
Chapter No.: 90
Prime Sponsor: Select Committee on Local Government Financing
Catch Title: Fiscal year for governmental entities.
Subject: Creating a uniform fiscal year for governmental entities.
· Most state agencies and many political subdivisions operate on a fiscal year commencing July 1 and ending June 30. But some entities do not.
· This bill requires all governmental entities, no matter how formed, to commence their fiscal year on July 1, unless specifically provided or otherwise authorized by law.
· Special hospital districts are given until July 1, 2011 to commence their fiscal years on July 1.
· The state retirement system is authorized to run retirement programs on a calendar year basis, but must operate its administration on a July 1, fiscal year.
· The Department of transportation is authorized to operate on a federal fiscal year basis commencing annually on October 1. It must report revenues and expenditures on a July 1, fiscal year basis commencing 2010.
· The state bar association's authorization to operate on a fiscal year commencing October 1 is continued.
Contains delayed effective date – allows entities required to shorten or lengthen their current fiscal year operations to select July 1, 2009 or July 1, 2010 to change over.