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District of Columbia Code Division I. Government of District. § 1-325.153a. Closure of capital budget memoranda of understanding; transfer of surplus capital funds.

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) After the termination date of a memorandum of understanding, the buyer agency shall have 60 days to reconcile the accounting and budget data and close the funding line for the memorandum of understanding associated with the capital project in the system of accounting and reporting.

(b)(1) After the closing date of the memorandum of understanding, the Office of Budget and Planning within the OCFO shall notify the buyer agency and the seller agency of any issues that must be resolved to close the funding line for the memorandum of understanding in the project management system, including:

(A) Any outstanding issues related to removal of any encumbrances and pre-encumbrances:

(B) The need for reconciliation of the capital project budget and expenditures between the buyer agency and the seller agency related to the memorandum of understanding; or

(C) Needed accounting entries necessary to zero out the budget balance for the memorandum of understanding.

(2) After the 60-day reconciliation period required by subsection (a) of this section, the OCFO, through its Director of Capital Improvements, shall adjust entries to ensure the close of the funding line for a memorandum of understanding associated with a capital project, with no outstanding balances remaining.

(c) Any surplus capital funds that the Director of Capital Improvements identifies following the 60-day reconciliation period shall be deposited in the Capital Project Support Fund.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 1-325.153a. Closure of capital budget memoranda of understanding; transfer of surplus capital funds. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-1-325-153a/

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