(a) Each local government and public authority shall operateunder an annual balanced budget ordinance adopted and administered inaccordance with this Article. A budget ordinance is balanced when the sum ofestimated net revenues and appropriated fund balances is equal toappropriations. Appropriated fund balance in any fund shall not exceed the sumof cash and investments minus the sum of liabilities, encumbrances, anddeferred revenues arising from cash receipts, as those figures stand at theclose of the fiscal year next preceding the budget year. It is the intent ofthis Article that, except for moneys expended pursuant to a project ordinanceor accounted for in an intragovernmental service fund or a trust and agencyfund excluded from the budget ordinance under G.S. 159‑13(a), all moneysreceived and expended by a local government or public authority should beincluded in the budget ordinance. Therefore, notwithstanding any otherprovision of law, no local government or public authority may expend anymoneys, regardless of their source (including moneys derived from bondproceeds, federal, state, or private grants or loans, or special assessments),except in accordance with a budget ordinance or project ordinance adopted underthis Article or through an intragovernmental service fund or trust and agencyfund properly excluded from the budget ordinance.
(b) The budget ordinance of a unit of local government shallcover a fiscal year beginning July 1 and ending June 30. The budget ordinanceof a public authority shall cover a fiscal year beginning July 1 and endingJune 30, except that the Local Government Commission, if it determines that adifferent fiscal year would facilitate the authority's financial operations,may enter an order permitting an authority to operate under a fiscal year otherthan from July 1 to June 30. If the Commission does permit an authority tooperate under an altered fiscal year, the Commission's order shall also modifythe budget calendar set forth in G.S. 159‑10 through 159‑13 so asto provide a new budget calendar for the altered fiscal year that will clearlyenable the authority to comply with the intent of this Part. (1971, c. 780, s. 1; 1973, c. 474, s. 5; 1975, c. 514,s. 3; 1979, c. 402, s. 1; 1981, c. 685, s. 2.)
(a) Each local government and public authority shall operateunder an annual balanced budget ordinance adopted and administered inaccordance with this Article. A budget ordinance is balanced when the sum ofestimated net revenues and appropriated fund balances is equal toappropriations. Appropriated fund balance in any fund shall not exceed the sumof cash and investments minus the sum of liabilities, encumbrances, anddeferred revenues arising from cash receipts, as those figures stand at theclose of the fiscal year next preceding the budget year. It is the intent ofthis Article that, except for moneys expended pursuant to a project ordinanceor accounted for in an intragovernmental service fund or a trust and agencyfund excluded from the budget ordinance under G.S. 159‑13(a), all moneysreceived and expended by a local government or public authority should beincluded in the budget ordinance. Therefore, notwithstanding any otherprovision of law, no local government or public authority may expend anymoneys, regardless of their source (including moneys derived from bondproceeds, federal, state, or private grants or loans, or special assessments),except in accordance with a budget ordinance or project ordinance adopted underthis Article or through an intragovernmental service fund or trust and agencyfund properly excluded from the budget ordinance.
(b) The budget ordinance of a unit of local government shallcover a fiscal year beginning July 1 and ending June 30. The budget ordinanceof a public authority shall cover a fiscal year beginning July 1 and endingJune 30, except that the Local Government Commission, if it determines that adifferent fiscal year would facilitate the authority's financial operations,may enter an order permitting an authority to operate under a fiscal year otherthan from July 1 to June 30. If the Commission does permit an authority tooperate under an altered fiscal year, the Commission's order shall also modifythe budget calendar set forth in G.S. 159‑10 through 159‑13 so asto provide a new budget calendar for the altered fiscal year that will clearlyenable the authority to comply with the intent of this Part. (1971, c. 780, s. 1; 1973, c. 474, s. 5; 1975, c. 514,s. 3; 1979, c. 402, s. 1; 1981, c. 685, s. 2.)
(a) Each local government and public authority shall operateunder an annual balanced budget ordinance adopted and administered inaccordance with this Article. A budget ordinance is balanced when the sum ofestimated net revenues and appropriated fund balances is equal toappropriations. Appropriated fund balance in any fund shall not exceed the sumof cash and investments minus the sum of liabilities, encumbrances, anddeferred revenues arising from cash receipts, as those figures stand at theclose of the fiscal year next preceding the budget year. It is the intent ofthis Article that, except for moneys expended pursuant to a project ordinanceor accounted for in an intragovernmental service fund or a trust and agencyfund excluded from the budget ordinance under G.S. 159‑13(a), all moneysreceived and expended by a local government or public authority should beincluded in the budget ordinance. Therefore, notwithstanding any otherprovision of law, no local government or public authority may expend anymoneys, regardless of their source (including moneys derived from bondproceeds, federal, state, or private grants or loans, or special assessments),except in accordance with a budget ordinance or project ordinance adopted underthis Article or through an intragovernmental service fund or trust and agencyfund properly excluded from the budget ordinance.
(b) The budget ordinance of a unit of local government shallcover a fiscal year beginning July 1 and ending June 30. The budget ordinanceof a public authority shall cover a fiscal year beginning July 1 and endingJune 30, except that the Local Government Commission, if it determines that adifferent fiscal year would facilitate the authority's financial operations,may enter an order permitting an authority to operate under a fiscal year otherthan from July 1 to June 30. If the Commission does permit an authority tooperate under an altered fiscal year, the Commission's order shall also modifythe budget calendar set forth in G.S. 159‑10 through 159‑13 so asto provide a new budget calendar for the altered fiscal year that will clearlyenable the authority to comply with the intent of this Part. (1971, c. 780, s. 1; 1973, c. 474, s. 5; 1975, c. 514,s. 3; 1979, c. 402, s. 1; 1981, c. 685, s. 2.)
