(a) At least thirty (30) days before the start of each fiscal year, the Chief Fiscal Officer of the State shall make studies for the purpose of estimating the anticipated amounts of general revenues to be available for distributions under the provisions of the Revenue Stabilization Law, § 19-20-101 et seq., for the fiscal year. The Chief Fiscal Officer of the State shall compute the estimated amounts of general revenues to be available for allocation to the respective State Treasury accounts in accordance with their percentage distributions of general revenues under the Revenue Stabilization Law, § 19-20-101 et seq.
(b) The Chief Fiscal Officer of the State shall certify to each of the respective state-supported institutions of higher education, at least thirty (30) days before the start of each fiscal year, the estimated amounts of general revenues to be available for distribution to the State Treasury account for their respective state-supported institutions of higher education. The Chief Fiscal Officer of the State shall include in each certification the quarterly allocations of the amounts that are estimated to be available for expenditures based upon these estimates.
(c) Upon receipt of the estimated amounts to be available for expenditure and after reviewing the quarterly allocation of the amounts as submitted by the Chief Fiscal Officer of the State, a state-supported institution of higher education may request revisions in the proposed quarterly allocations as certified by the Chief Fiscal Officer of the State.
(d) With the advice and consent of the Division of Higher Education, the Chief Fiscal Officer of the State shall approve requested revisions in the proposed quarterly allocations if he or she determines that:(1) The proposed revisions in quarterly allocations do not exceed the aggregate of the estimated funds to be available from estimates of anticipated revenues and fund balances in the state-supported institution of higher education's account in the State Treasury for the fiscal year; and(2) The revised quarterly allocations will not impose an undue hardship upon other allotments of revenues and other financial commitments to be met from the distributions of general revenues during the fiscal year.
(1) The proposed revisions in quarterly allocations do not exceed the aggregate of the estimated funds to be available from estimates of anticipated revenues and fund balances in the state-supported institution of higher education's account in the State Treasury for the fiscal year; and
(2) The revised quarterly allocations will not impose an undue hardship upon other allotments of revenues and other financial commitments to be met from the distributions of general revenues during the fiscal year.
(e) The Chief Fiscal Officer of the State shall periodically review the estimates of projected general revenue collections anticipated to be available during a fiscal year. The Chief Fiscal Officer of the State may make revisions in the amounts certified to the respective state-supported institutions of higher education based upon these estimates and may revise the quarterly amounts certified to each state-supported institution of higher education based upon the revised estimates.
(f) From time to time, a state-supported institution of higher education may request revisions in the quarterly allocations of moneys when needs of the state-supported institution of higher education require those revisions.
(g) Any unexpended balances remaining at the end of each fiscal year shall be transferred forward and made available for the support of the state-supported institution of higher education for the following fiscal year.
(h) The budget execution provisions set forth in this section are applicable to all state-supported institutions of higher education, and except for the annual fiscal program requirements, §§ 19-4-601, 19-4-602, and 19-4-605 — 19-4-607 do not apply to these state-supported institutions of higher education. These state-supported institutions of higher education are governed by this section and by procedures established under authority of § 6-61-209.
(i) The division shall coordinate with the Chief Fiscal Officer of the State for administering this section.