GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H	1 

HOUSE BILL 1116

Short Title:  Balance Budget Using GAAP.	(Public)
─────────────────────────────────────── 
Sponsors: Representatives Gamble; and Bowman.
─────────────────────────────────────── 
Referred to:  Appropriations.
─────────────────────────────────────── 

April 19, 1993

A BILL TO BE ENTITLED
AN ACT TO PROVIDE THAT THE STATE BUDGET BE BALANCED USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AS PRESCRIBED BY THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD.
The General Assembly of North Carolina enacts:
Section 1.  Article 4 of Chapter 143 of the General Statutes is amended by adding a new section to read:
"§ 143-15.5.  Annual balanced budget.
The State shall operate under a budget that is balanced using generally accepted accounting principles (GAAP)	as prescribed by the Governmental Accounting Standards Board.  The State shall operate under a balanced budget that covers two fiscal years beginning on July 1 of each odd-numbered year.  The budget shall estimate revenue availability and make appropriations by fund and by fiscal year.  Each fiscal year and each fund shall be balanced separately.  The budget for a fund is balanced when the estimated amount of revenue credited to it during the budget year plus the beginning credit balance of the fund for the budget year is equal to or greater than the amount appropriated to it for the budget year."
Sec. 2.  This act becomes effective July 1, 1995.