GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION
CHAPTER 179
The General Assembly of North Carolina enacts:
Section 1. G.S. 115C-425(a) reads as rewritten:
"(a) Each local school
administrative unit shall operate under an annual balanced budget resolution
adopted and administered in accordance with this Article. A budget
resolution is balanced when the sum of estimated net revenues and appropriated
fund balances is equal to appropriations. Appropriated fund balance in
any fund shall not exceed the sum of cash and investments minus the sum of liabilities,
encumbrances, and deferred revenues, revenues arising from cash
receipts, as those figures stand at the close of the fiscal year next
preceding the budget year. The budget resolution shall cover one fiscal
year."
Sec. 2. This act becomes effective June 30, 1993, and applies to budget resolutions adopted for fiscal years beginning with the 1993-94 fiscal year.
In the General Assembly read three times and ratified this the 17th day of June, 1993.
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Dennis A. Wicker
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives