Section 44.88.205. Compliance with executive budget act; authority finances.

   (a) The operating budget of the authority is subject to AS 37.07 (Executive Budget Act).
   (b) To further ensure effective budgetary decision making by the legislature, the authority shall
        (1) annually review the authority's assets to determine whether assets of the authority exceed an amount required to fulfill the purposes of the authority as defined in this chapter; in making its review, the authority shall determine whether, and to what extent, assets in excess of the amount required to fulfill the purposes of the authority during at least the next fiscal year are available without
             (A) breaching any agreement entered into by the authority;
             (B) materially impairing the operations or financial integrity of the authority; or
             (C) materially affecting the ability of the authority to fulfill the authority's purposes set out in AS 44.88.070; and
        (2) make available to the legislature by January 10 of each year a complete accounting of all assets of the authority and a report of the review and determination made under (1) of this subsection; the accounting shall be audited by the auditor who conducts the audit required by AS 44.88.200 and must include a full description of all loan interest and principal payments and program receipts, including
             (A) loan commitment fees received by or accrued to the authority during the preceding fiscal year; and
             (B) all income earned on assets of the authority during that period.

Authorities

44.88.190

Notes

References

AS 44.88.190 Operation of certain statutes excepted.

History

(Sec. 68 ch 106 SLA 1980; am Sec. 2, 3 ch 12 SLA 1991; am Sec. 8 ch 111 SLA 1996)