Sec. 113. Development and approval of fiscal plans
616 words·~3 min read·
/bill/114/s/2676/is/section-113·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than the date that is 60 days before the date on which the Governor of an applicable covered territory is required under applicable law to submit to the legislature of the applicable covered territory a proposed budget for the upcoming fiscal year, the Governor, in consultation with the Chief Financial Officer, shall develop and submit to the Board and applicable territorial government a Fiscal Plan for the applicable territorial government in accordance with this section. The Governor of an applicable covered territory in consultation with the Chief Financial Officer shall develop an initial Fiscal Plan in accordance with subsection
(a)within 90 days of the Governor of the applicable covered territory signing a resolution adopted by the legislature of the territory to request the establishment of a Fiscal Stability and Reform Board under this subtitle, or not later than the date that is 60 days before the date on which the Governor of the applicable covered territory is required under applicable law to submit to the legislature of the applicable covered territory a proposed budget for the upcoming fiscal year, whichever comes chronologically first. A Fiscal Plan shall, to the maximum extent practicable, with respect to the applicable territorial government— provide for estimates of revenues and expenditures in accordance with modified accrual accounting standards and based on— applicable laws; or specific laws that require enactment in order to reasonably achieve the projections of the Fiscal Plan; ensure the funding of essential public services; provide full funding to cover all existing public pension obligations; provide for the elimination of budget gaps in financing; provide for a reduction in the debt burden to a level that is sustainable; improve fiscal governance; enable the achievement of fiscal targets; create independent forecasts of revenue for the period covered by the Fiscal Plan; and not impede investments to promote sustained economic growth. A Fiscal Plan shall be in effect for a period of not less than 5 years. A Fiscal Plan shall be made publicly available no less than 15 days after final approval as specified within subsection (d). The Governor of a covered territory shall not submit to the legislature of the applicable covered territory an annual budget for a fiscal year unless the Fiscal Plan has been approved for that fiscal year in accordance with this subsection. Not later than the date that is 15 days after the date on which the Governor submits a Fiscal Plan to the Board under subsection (a), the Board shall— certify the Fiscal Plan; or fail to certify the Fiscal Plan and provide to the Governor recommendations for revisions to the Fiscal Plan. Not later than the date that is 15 days after the date on which the Board submits recommendations to the Governor under paragraph (2)(B), the Governor shall submit to the Board a revised Fiscal Plan. Not later than the date that is 7 days after the date on which the Governor submits to the Board a revised Fiscal Plan under subparagraph (A), the Board shall— certify the revised Fiscal Plan; or disapprove the revised Fiscal Plan. If the Governor of a covered territory fails to submit to the Board a revised Fiscal Plan on or before the date specified in paragraph (3)(A), the Board shall develop and submit to the Governor a final revised Fiscal Plan not later than the date that is 22 days after the date on which recommendations are provided to the Governor under paragraph (2)(B). If the Board disapproves a revised Fiscal Plan under paragraph (3)(B)(ii), the Board shall develop and submit to the Governor a final revised Fiscal Plan not later than the date that is 7 days after the date of disapproval.