General Fund Appropriations to the Rainy Day

Fund Cap.

(a)Beginning in Fiscal Year 2010, I Liheslatura (the Legislature) shall not appropriate more than ninety-eight percent (98%) of the total revenues projected for the General Fund for the fiscal year until such time as the General Fund deficit is eliminated. All unappropriated annual General Fund revenues collected in excess of appropriations shall be used to liquidate obligations for refunds, earned income tax credits and prior years’ vendor payables. I Liheslatura (the Legislature) shall appropriate not less than two percent (2%) of the total revenues projected for the General Fund for each fiscal year to the Rainy Day Fund established pursuant to § 22901, Article 9, Division 2, Chapter 22, Title 5, Guam Code Annotated, until such time as indicated in § 22904, Article 9, Division 2, Chapter 22, Title 5 GCA.

(b)Emergency. To the extent necessary to deal with any disaster or emergency this General Fund Appropriations Cap may COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS be temporarily lifted in the event I Maga’håga (the Governor), the President of the United States, or I Liheslatura (the Legislature) by vote of a majority of its Members declares Guam to be in a state of emergency or any similar designation.