Sec. 3-115b. Generally accepted accounting principles.

453 words·~2 min read·/ct/title-3/chapter-34-comptroller/3-115b

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(a)Commencing with the fiscal year ending June 30, 2014, the Comptroller, in the Comptroller's sole discretion, may initiate a process intended to result in the implementation of the use of generally accepted accounting principles, as prescribed by the Governmental Accounting Standards Board, with respect to the preparation and maintenance of the annual financial statements of the state pursuant to section 3-115 .

(b)Commencing with the fiscal year ending June 30, 2014, the Secretary of the Office of Policy and Management shall initiate a process intended to result in the implementation of generally accepted accounting principles, as prescribed by the Governmental Accounting Standards Board, with respect to the preparation of the biennial budget of the state.

(c)The Comptroller shall establish an opening combined balance sheet for each appropriated fund as of July 1, 2013, on the basis of generally accepted accounting principles. The accumulated deficit in the General Fund on June 30, 2013, as determined on the basis of generally accepted accounting principles and identified in the annual comprehensive financial report of the state as the unassigned negative balance of the General Fund on said date, reduced by any funds deposited in the General Fund from other resources for the purpose of reducing the negative unassigned balance of the fund, shall be amortized in each fiscal year of each biennial budget, commencing with the fiscal year ending June 30, 2016, and for the succeeding twelve fiscal years. The Comptroller shall, to the extent necessary to report the fiscal position of the state in accordance with generally accepted accounting principles, reconcile the unassigned balance in the General Fund at the end of each fiscal year to the unassigned balance in the General Fund on June 30, 2013, the portion already amortized and any unassigned balance created after June 30, 2013. The Secretary of the Office of Policy and Management shall annually publish a recommended amortization schedule to fully reduce such negative unassigned balance by June 30, 2028.

(d)The unreserved negative balance in the General Fund reported in the annual comprehensive financial report issued by the Comptroller for the fiscal year ending June 30, 2014, reduced by

(1)the negative unassigned balance in the General Fund for the fiscal year ending June 30, 2013, and

(2)any funds from other resources deposited in the General Fund for the purpose of reducing the negative unassigned balance of the fund shall be amortized in each fiscal year of each biennial budget, commencing with the fiscal year ending June 30, 2018, and for the succeeding ten fiscal years. The Secretary of the Office of Policy and Management shall annually publish a recommended amortization schedule to fully reduce such negative unassigned balance by June 30, 2028.