Treasury

YSC, Title 13. Taxation & Finance

DIVISION 2: FINANCE

Chapter 5: Treasury

§501. Deposit of revenues.

§502. Duties and powers of Treasurer.

§503. Projects, programs and operations financed by the Legislature.

§504. Periodic audit.

§505. Unexpended appropriations.

§506. Dual compensation.

§507. Fiscal year.

§501. Deposit of revenues.

Unless otherwise specifically provided by law all revenues collected pursuant to or under the authority of the Yap State Code by any department, agency, or branch or by any group or organization created by the Legislature shall be deposited at the end of each month in the General Fund of the State of Yap. Each person charged with the responsibility of collecting said revenues either by order of the Governor or the Legislature or by law shall keep a full and complete record of all revenues collected and to be deposited in the General Fund. Such records shall be open at all times for inspection to the Treasurer. Any person who fails to deposit revenues pursuant to this section shall be personally liable for said funds, plus five percent (5%) interest on that monthly revenue due to be deposited, for each month the revenues are not deposited.

Source: YDC §4100, modified.

Cross-reference: The statutory provisions on the State Financial Management Act of 1983 are found in chapter 12 of this title. The statutory provisions on deposits, allotments, obligations, and disbursements are found in subchapter III of chapter 12 of this title. The statutory provision on deposits to the treasury is found in section 1231 of this title.

Commission Comment: The "General Fund of the Legislature" is changed to the "General Fund of the State of Yap" pursuant to section 1211 of Title 13 (Taxation and Finance) of this Code. Section 1211 of Title 13 establishes the General Fund of the State of Yap as the successor fund to, and replacement for, the General Fund of the Legislature.

§502. Duties and powers of Treasurer.

The Treasurer shall have the following powers and duties in addition to others granted by law:

(a) Clearing funds. To receive, maintain, and disburse funds in the Treasury maintained and controlled under the authority of the Director of Administrative Services;

(b) To keep complete and accurate records of all funds received, maintained, and disbursed by him in such manner as prescribed by the Director of Administrative Services, and to open such records to inspection and audit by the Public Auditor;

(c) Annual report. To submit an annual report to the Governor and Legislature of all funds received and disbursed by him during each fiscal year; and

(c) Banking funds. To deposit all or any part of the General Fund of the State of Yap in a commercial checking or saving account, or both, of any bank whose assets are at least $1,000,000,000.00 and whose deposits are insured by the United States Federal Deposit Insurance Corporation. To deposit all or any part of the General Fund of the State of Yap in a commercial checking or saving account, or both, of any Federated States of Micronesia domestic bank which is insured by the United States Federal Deposit Insurance Corporation.

Source: YDC §4001, as amended by YDL 6-12 §28 and YSL 1-201 §1, modified.

Cross-reference: Section 8 of Article IX of the Yap Constitution states: "There shall be regular and independent audits of State agencies and revenues." The statutory provisions on the Public Auditor of the State of Yap are found in chapter 7 of this title.

§503. Projects, programs and operations financed by the Legislature.

Unless otherwise specified by law, all projects, programs, and operations financed by means of appropriation laws of the Legislature shall be contingent upon the availability of funds. The Governor or any other person designated as a project or program supervisor under the appropriation laws of the Legislature shall not obligate any funds of the Legislature until he receives written authorization from the Treasurer certifying that funds are available and that obligations may be incurred. The Treasurer is authorized to allot funds to the various projects or programs financed by the Legislature either monthly or quarterly as the revenue available to the Legislature is received by him. Any person obligating funds of the Legislature without written authorization from the Treasurer shall be personally liable for the payment of such obligations, except in the case of emergencies. An emergency shall be declared to exist for the purposes of this section upon the written declaration of the Governor that circumstances are such that funds must be obligated forthwith without the above written authorization of the Treasurer.

Source: YDC §1052, modified.

Cross-reference: Section 6 of Article IX of the Yap Constitution states: "No money shall be withdrawn from the State treasury nor obligated except in accordance with law." Section 5 of Article IX states: "The Legislature shall not appropriate funds in excess of estimated available revenues." The statutory provisions of the State Financial Management Act are found in chapter 12 of this title. The statutory provisions on deposits, allotments, obligations, and disbursements are found in subchapter III of chapter 12 of this title.

§504. Periodic audit.

An audit shall be performed upon the records of the Office of the Treasurer every three months and shall be performed by a person designated by the Governor. Said audit shall be performed by a person not connected with the office of the Treasurer. A copy of the finished audit shall be submitted to the Governor and to the Speaker of the Legislature.

Source: YDC §4002, modified.

§505. Unexpended appropriations.

All appropriations during a fiscal year of which any sum of money remains unexpended fifteen days after the end of that fiscal year is voided at said time with all monies reverting to the General Fund of the State of Yap, except as otherwise provided by law.

Source: YDC §1059, modified.

§506. Dual compensation.

No person shall receive more than one salary, per diem, or work compensation payment of any kind from the Yap State Treasury for the same time period.

Source: YDC §1502, modified.

Cross-reference: The statutory provision on outside employment for employees in the Public Service System is found in section 184 of Title 8 (Public Officers and Employment) of this Code.

§507. Fiscal year.

The fiscal year of the Legislature shall commence on October 1 and end the following September 30.

Source: YDC §4003, as amended by YDL 6-11 §1.

	YSC, Title 13. Taxation & Finance
	DIVISION 2: FINANCE Chapter 5: Treasury §501. Deposit of revenues. §502. Duties and powers of Treasurer. §503. Projects, programs and operations financed by the Legislature. §504. Periodic audit. §505. Unexpended appropriations. §506. Dual compensation. §507. Fiscal year. §501. Deposit of revenues. Unless otherwise specifically provided by law all revenues collected pursuant to or under the authority of the Yap State Code by any department, agency, or branch or by any group or organization created by the Legislature shall be deposited at the end of each month in the General Fund of the State of Yap. Each person charged with the responsibility of collecting said revenues either by order of the Governor or the Legislature or by law shall keep a full and complete record of all revenues collected and to be deposited in the General Fund. Such records shall be open at all times for inspection to the Treasurer. Any person who fails to deposit revenues pursuant to this section shall be personally liable for said funds, plus five percent (5%) interest on that monthly revenue due to be deposited, for each month the revenues are not deposited. Source: YDC §4100, modified. Cross-reference: The statutory provisions on the State Financial Management Act of 1983 are found in chapter 12 of this title. The statutory provisions on deposits, allotments, obligations, and disbursements are found in subchapter III of chapter 12 of this title. The statutory provision on deposits to the treasury is found in section 1231 of this title. Commission Comment: The "General Fund of the Legislature" is changed to the "General Fund of the State of Yap" pursuant to section 1211 of Title 13 (Taxation and Finance) of this Code. Section 1211 of Title 13 establishes the General Fund of the State of Yap as the successor fund to, and replacement for, the General Fund of the Legislature. §502. Duties and powers of Treasurer. The Treasurer shall have the following powers and duties in addition to others granted by law: (a) Clearing funds. To receive, maintain, and disburse funds in the Treasury maintained and controlled under the authority of the Director of Administrative Services; (b) To keep complete and accurate records of all funds received, maintained, and disbursed by him in such manner as prescribed by the Director of Administrative Services, and to open such records to inspection and audit by the Public Auditor; (c) Annual report. To submit an annual report to the Governor and Legislature of all funds received and disbursed by him during each fiscal year; and (c) Banking funds. To deposit all or any part of the General Fund of the State of Yap in a commercial checking or saving account, or both, of any bank whose assets are at least $1,000,000,000.00 and whose deposits are insured by the United States Federal Deposit Insurance Corporation. To deposit all or any part of the General Fund of the State of Yap in a commercial checking or saving account, or both, of any Federated States of Micronesia domestic bank which is insured by the United States Federal Deposit Insurance Corporation. Source: YDC §4001, as amended by YDL 6-12 §28 and YSL 1-201 §1, modified. Cross-reference: Section 8 of Article IX of the Yap Constitution states: "There shall be regular and independent audits of State agencies and revenues." The statutory provisions on the Public Auditor of the State of Yap are found in chapter 7 of this title. §503. Projects, programs and operations financed by the Legislature. Unless otherwise specified by law, all projects, programs, and operations financed by means of appropriation laws of the Legislature shall be contingent upon the availability of funds. The Governor or any other person designated as a project or program supervisor under the appropriation laws of the Legislature shall not obligate any funds of the Legislature until he receives written authorization from the Treasurer certifying that funds are available and that obligations may be incurred. The Treasurer is authorized to allot funds to the various projects or programs financed by the Legislature either monthly or quarterly as the revenue available to the Legislature is received by him. Any person obligating funds of the Legislature without written authorization from the Treasurer shall be personally liable for the payment of such obligations, except in the case of emergencies. An emergency shall be declared to exist for the purposes of this section upon the written declaration of the Governor that circumstances are such that funds must be obligated forthwith without the above written authorization of the Treasurer. Source: YDC §1052, modified. Cross-reference: Section 6 of Article IX of the Yap Constitution states: "No money shall be withdrawn from the State treasury nor obligated except in accordance with law." Section 5 of Article IX states: "The Legislature shall not appropriate funds in excess of estimated available revenues." The statutory provisions of the State Financial Management Act are found in chapter 12 of this title. The statutory provisions on deposits, allotments, obligations, and disbursements are found in subchapter III of chapter 12 of this title. §504. Periodic audit. An audit shall be performed upon the records of the Office of the Treasurer every three months and shall be performed by a person designated by the Governor. Said audit shall be performed by a person not connected with the office of the Treasurer. A copy of the finished audit shall be submitted to the Governor and to the Speaker of the Legislature. Source: YDC §4002, modified. Cross-reference: Section 8 of Article IX of the Yap Constitution states: "There shall be regular and independent audits of State agencies and revenues." The statutory provisions on the Public Auditor of the State of Yap are found in chapter 7 of this title. §505. Unexpended appropriations. All appropriations during a fiscal year of which any sum of money remains unexpended fifteen days after the end of that fiscal year is voided at said time with all monies reverting to the General Fund of the State of Yap, except as otherwise provided by law. Source: YDC §1059, modified. Commission Comment: The "General Fund of the Legislature" is changed to the "General Fund of the State of Yap" pursuant to section 1211 of Title 13 (Taxation and Finance) of this Code. Section 1211 of Title 13 establishes the General Fund of the State of Yap as the successor fund to, and replacement for, the General Fund of the Legislature. §506. Dual compensation. No person shall receive more than one salary, per diem, or work compensation payment of any kind from the Yap State Treasury for the same time period. Source: YDC §1502, modified. Cross-reference: The statutory provision on outside employment for employees in the Public Service System is found in section 184 of Title 8 (Public Officers and Employment) of this Code. §507. Fiscal year. The fiscal year of the Legislature shall commence on October 1 and end the following September 30. Source: YDC §4003, as amended by YDL 6-11 §1.