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.

Summary/Major Elements:

· 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.

Comments:

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.