Effective Date of the New Fiscal Year
- The new fiscal year system shall take effect starting January 1, 1977.
Transition Period and Budgetary Provisions
- The fiscal year starting July 1, 1975, and ending June 30, 1976, is extended by an additional six months, covering July 1 to December 31, 1976.
- Proper authorities must provide an appropriate budget for minimum essential operating requirements during this six-month extension.
- The budget allocation for this period shall not exceed 50% of the programmed or actual current operating expenditures of the immediately preceding twelve-month fiscal period.
- Current and capital budget requirements for the extension period must be submitted to the Development Budget Coordination Committee (DBCC) by March 31, 1976, for approval.
- Accounting and financial reporting shall be adjusted accordingly to reflect the extended fiscal period.
Rulemaking and Implementation
- The Chairman of the Commission on Audit, the Secretary of Finance, and the Commissioner of the Budget are tasked with promulgating rules and regulations necessary to implement this decree.
Repeal and Amendment of Conflicting Provisions
- All existing laws, executive orders, administrative orders, ordinances, resolutions, rules, and regulations conflicting with this decree are repealed or amended as necessary to ensure conformity with the new fiscal year system.