Arizona § 42-17108 Encumbering municipal monies to pay obligations after close of fiscal year

Arizona Statutes

§ 42-17108 — Encumbering municipal monies to pay obligations after close of fiscal year

Arizona·Title 42 Arizona Revised Statutes·Ch. 17 LEVY·Art. 3 Local Government Budgeting Process

A.A city or town may encumber monies at the end of a fiscal year for any liabilities incurred during that fiscal year and still outstanding at the end of the fiscal year.

B.Payments may be made from encumbered monies for a period of sixty days immediately after the end of the fiscal year. After the expiration of the sixty day period:

1.Any remaining encumbered balance lapses.

2.No further payments may be made from the budget of the preceding fiscal year.

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A. A city or town may encumber monies at the end of a fiscal year for any liabilities incurred during that fiscal year and still outstanding at the end of the fiscal year.

B. Payments may be made from encumbered monies for a period of sixty days immediately after the end of the fiscal year. After the expiration of the sixty day period:

1. Any remaining encumbered balance lapses.

2. No further payments may be made from the budget of the preceding fiscal year.

Arizona § 42-17108 (Encumbering municipal monies to pay obligations after close of fiscal year) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.