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SUMMARY |
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This enactment provides that there must be no deficit either budgeted
or incurred in any fiscal year following April 1, 2002. It requires a
contingency reserve to be included in the estimates of expenditure for
each year. If a contingency reserve is not fully expended, the balance
must be used to pay down the debt.
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Deficits caused by natural disasters, war or unusual collapse of
revenue are excluded but such special deficits must be recovered in the
following three budgets.
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