§ 25-4-124 — Yearly computation of expenses - Disposition of surplus funds

(a) Within sixty (60) days following the final closing entries for the consolidated annual financial report for each fiscal year, the Director of the Division of Information Systems shall obtain from the Chief Fiscal Officer of the State the written approval of a plan that shall include a proposed methodology to make all appropriate adjustments to effect compliance with state and federal statutory and regulatory provisions for the fiscal year. (b) (1) If the plan under subsection (a) of this section requires appropriate credits or debits to customer accounts to effect compliance with state and federal statutory and regulatory provisions, the Division of Information Systems shall make any adjustments within sixty (60) days after approval of the plan. (2) In the event that a customer no longer uses the services of the division, a fund transfer in the amount of that customer's credits under the plan described in subsection (a) of this section shall be made from the Division of Information Systems Revolving Fund to the customer's treasury fund, upon certification of the amount by the director to the Chief Fiscal Officer of the State and the Treasurer of State. In the event the customer does not have a treasury fund, a warrant shall be issued by the division in payment of the customer's credit. (c) In the event that the customer has an unpaid account balance due the division, the customer's credit shall be withheld until the account balance is satisfied.

Legislative History

Amended by Act 2019, No. 910,§ 6291, eff. 7/1/2019. Acts 1997, No. 914, § 21; 2005, No. 1999, § 10.