Annual Budget

For the purposes of Chapter 14 of Title 12 of the Guam Code Annotated, the term “annual budget” means a balanced budget for expenditures of the Guam Waterworks Authority for a fiscal year to be funded by the anticipated revenues and other funds to be received and expended for the same fiscal year, submitted

COL 2025-12-23

to I Liheslaturan Guåhan and approved by law, with amendment and modification as may be desired by I Liheslaturan Guåhan. The budget shall not request an appropriation from the General Fund. (a) On or before May 1, of each year, the Board shall approve and submit to I Liheslaturan Guåhan the annual budget for the following fiscal year. (b) On or before the start of the following fiscal year, I Liheslaturan Guåhan shall approve, reject or modify the annual budget. No transfer of funds approved or authorized by the annual budget shall be valid, unless approved by I Liheslaturan Guåhan. (c) If the Board fails to submit a budget for the next fiscal year, or if I Liheslaturan Guåhan fails to approve the annual budget before the next fiscal year, the current fiscal year’s budget shall become law for the next fiscal year, subject to legislative modification. SOURCE: Added by P.L. 26-015:7 (May 20, 2001). NOTE: The effective dates of the P.L. 26-015 amendments are: Section 8. Effective Dates. This Act shall become effective immediately upon enactment. For purposes of Fiscal Year 2002, the Guam Waterworks Authority (GWA) shall submit its proposed annual budget to I Liheslaturan Guåhan within twenty (20) days of enactment of this Act. Said annual budget shall not contain any transfer of funds provisions and shall reduce costs to conform to GWA’s revenue generation estimate for Fiscal Year 2002. I Liheslaturan Guåhan shall have until September 1, 2001 to approve, reject or modify GWA’s Fiscal Year 2002 budget. In the event that I Liheslaturan Guåhan fails to act upon GWA’s Fiscal Year 2002 budget by September 1, 2001, said budget proposed by GWA shall become their budget for Fiscal Year 2002, subject to further subsequent modification by I Liheslaturan Guåhan and to the budgetary limitations set forth in this Section. Effective upon enaction of this Act, the Authority shall not enter into any contract with a term greater than two (2) years, except as otherwise specifically permitted by law. Any such contract shall be void ab initio.