Section 27-104-231 - Deficit Prevention Act; required notification by state agencies, departments, institutions of likelihood of deficit for current fiscal year; development of plan to avoid or limit deficit(1) This section shall be known and may be cited as the "Deficit Appropriation Prevention Act."(2) It is the responsibility of each state agency, department and institution to operate within the limits of its annual appropriations by the Legislature and any other approved expenditures of monies. A state agency, department or institution shall not operate in a manner that results in the need for an additional, deficit, or supplemental appropriation, except as provided in this section.(3) If it is determined by a state agency, department or institution that the likelihood of needing an additional, deficit, or supplemental appropriation for the current fiscal year exists, the state agency, department or institution shall use a standardized request form promulgated by the Legislative Budget Office and the Department of Finance and Administration to notify the Governor, Lieutenant Governor, Speaker of the House, and Chairs of the House and Senate Appropriations Committees, the Legislative Budget Office and the Department of Finance and Administration within fifteen (15) days of this determination. The standardized request form must include a description of the need, an explanation of why the agency cannot cover the expenses with their existing appropriation, the impact of disapproval and a plan to avoid or limit any additional deficit or supplemental appropriation. The agency shall also include in the report a listing of all funds the entity is authorized to expend, the amount appropriated from each fund, the amount of funds expended at the time of the request and the current cash balance of the fund.(4) The Legislative Budget Office and the Department of Finance and Administration shall approve, recommend changes, or create new plans to avoid or limit the need for any additional, deficit or supplemental appropriations for each state agency, department or institution based on the information provided in the standardized request forms.(5) For purposes of this section, the term "state agency" shall have the same meaning as provided in Section 27-103-103.Amended by Laws, 2024, ch. 358, HB 1037,§ 1, eff. 7/1/2024.Added by Laws, 2023, ch. 463, SB 2053,§ 1, eff. 7/1/2023.