An Act
Legislative Act 5-02
Title
AN ACT AMENDING THE FISCAL YEAR 2002 COMPREHENSIVE BUDGET
AND AUTHORIZING AND APPROVING THE FISCAL POLICY AND
RESPONSIBILITY REQUIREMENTS FOR THE CHEROKEE NATION
Body
BE IT ENACTED BY THE COUNCIL OF THE CHEROKEE NATION:
SECTION 1. Title And Codification.
This legislative act shall be titled and codified as "The Fiscal Policy and Responsibility Act of 2002."
SECTION 2. Purpose: To set forth sound fiscal public policy in compliance with the Constitution and laws of the Cherokee Nation and to amend the Comprehensive Budget Act for Fiscal Year 2002.
A. To authorize a reduction of five hundred thousand ($500,000) in the Fiscal Year 2002 General Fund Budget.
B. To authorize an equity transfer in the amount of $2,032,448 to counter-balance identified negative fund balances (debts) in the General Fund.
C. To authorize the use of available unbudgeted Fund Balances in the General Fund and Ranch Operations to counter-balance identified negative fund balances (debts) in the General Fund of $2,343,817.
D. To authorize the establishment of a permanent Cash Reserve Fund to be maintained at
1.75% of total authorized appropriations in the annual comprehensive budget for each
and every subsequent year hereafter, such amount to be adjusted annually with the
passage of the initial budget adopted by the Cherokee Nation.
E. To authorize funding of the Cash Reserve Fund for Fiscal Year 2002 in the amount of $4,004,171 or 1.62% from funds identified in Section 5B.
F. To assure the maintenance and viability of the Cash Reserve Fund, this Act requires automatic budget reductions or modifications, which may include adjustments, reprogramming or revisions of the annual comprehensive budget to meet revenue shortfalls or under-funding in the Cash Reserve Fund provided,
1. If revenue or expense estimates for the Fiscal Year change by ten percent (10%) or, more in any program or fund then,
2. Immediate budget reductions are automatically required at the sou...
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