HB295 Alabama 2018 Session

Under present law, the fiscal year of the state begins on October 1 and ends on September 30

This bill would change the beginning of the fiscal year for the State of Alabama and instrumentalities of the state to July 1 of each year, starting with the 2020 fiscal year which is to begin July 1, 2019

This bill would provide for the definition of the fiscal year for the state; change the date of the fiscal year; provide for a nine-month implementation fiscal year from October 1, 2019 through June 30, 2020; and authorize the Governor to promulgate procedures necessary to implement this act

This bill would provide that all appropriations made for the term that is the current lawful fiscal year 2020 would be allotted to conform with the nine-month implementation fiscal year and the first quarter of the 2021 fiscal year; provide that all sum certain distributions of tax revenue shall be made at 75 percent (made at the nine months of estimated monthly revenue) of the sum certain amounts during the implementation fiscal year; and authorize conformity of dates with the new fiscal year as provided herein with the Code of Alabama 1975

To amend Sections 1-3-4, 11-8-1, 16-13-1, 11-43A-29, 11-43A-94, 11-43C-41, 11-44C-41, and 11-44E-110 Code of Alabama 1975, to change the date of the fiscal year and to provide for the implementation of the new fiscal year period.