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 CH. 14 GUAM WATERWORKS AUTHORITY 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.