Law Summary
Non-Reversion of Unobligated Appropriations as of December 31, 1975
- Unobligated appropriations as of December 31, 1975 are explicitly not to revert to unappropriated surplus
Preparation of Financial Statements by Commission on Audit
- Commission on Audit to prepare financial statements for:
- Fiscal Year 1976 (ending June 30, 1976)
- Calendar Year 1976 (ending December 31, 1976)
- Financial statements to cover government operations comprehensively
Budget Commission's Review and Submission of Budget for Calendar Year 1976
- Review agency financial requirements for CY 1976
- Submit a budget considering:
- Reduced program of expenditures for Fiscal Year 1976
- Results of government operations in the first semester of FY 1976
- Limitations under Presidential Decree No. 777 restricting appropriations from July to December 1976 to not more than 50% of current operating expenditures programmed for FY 1976
Review of Continuing Appropriations
- Budget Commission to examine continuing appropriations accumulated under existing appropriation laws
- Submit findings and recommendations relevant to CY 1976 appropriations
Issuance of Rules and Regulations for Implementation
- Both the Commission on Audit and the Budget Commission instructed to promulgate necessary implementing rules and regulations to effectuate Presidential Decree No. 777
- Deadline for issuance of such rules and regulations set on January 5, 1976