FISCAL LAW Study guides, Class notes & Summaries

Federal appropriations law can be categorized into which three topical areas? - Answer Purpose, Time, and Amount (PTA) In the DoD, final decisions of fiscal law questions are "officially" rendered by whom? - Answer DoD General Counsel, Courts What are the basic types of budget authority used in the Federal Government? (6) - Answer 1. Appropriations 2. Contract Authority 3. Borrowing Authority 4. Monetary Credits 5. Offsetting Collections and Receipts 6. Loan and Loan Guarantee...

Federal appropriations law can be categorized into which three topical areas? - Answer Purpose, Time, and Amount In the Department of Defense, final decisions of Fiscal Law questions are "officially" rendered by whom? - Answer DoD General Counsel How many basic types of budget authority are used in the Federal Government? - Answer Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Collections and Receipts Annual appropriations remain available ...

Fiscal Law - Answer Is the body of law which govern the availability and use of public funds. Same as appropriation law. The constitution Authorization acts Appropriation acts General Statutes Comptroller General decisions and Courts - Answer Sources of authority on the use of public funds Constitutional authority for the obligation and expending of funds esp the PTA of appropriation The ADA and its penalties Use of funds under continuing resolution Responsibilities of an accou...

(Select the best answer) You work at the Orange Sands Missile Range (OSMR) Legal Office. The SJA wants your advice on a piece of equipment that she personally would like to see purchased for use in the common break area of the legal office. She wants to use appropriated funds to buy a microwave. Her rationale is that employees (both military and civilian) need a place to prepare food they bring in from home. You respond by telling her: - Answer Answer Selected: Absent any local or service-lev...

What are the three main types of appropriation and their availability for obligation? - Answer 3400 - O&M (1-year appropriation) 3600 - RDT&E (2-year appropriation) 3080 - Procurement (3-year appropriation) Within procurement there are different types of appropriation for aircraft, naval ships, etc. What is 3400 money used for? - Answer Operations and Maintenance including Day to Day expenses such as training, exercises, deployments, civilian salaries, and operating and maintaini...

What is the "Bona Fide Needs" Rule? - Answer The Bona Fide Needs Rule basically means that a federal agency must have a legitimate or bona fide need for the requirement during the time period that the appropriation is available. Pursuant to 31 U.S.C. 1502(a), "The balance of an appropriation limited for obligation to a definite period is available only for payment of expenses incurred during the period of availability, or to complete contracts properly made during the period of availability...

Fiscal Law - Answer Body of law governing use of federal funds Fiscal Year - Answer 1 October ‐ 30 September Period of Availability - Answer Most appropriations available for obligation for limited time period Funds not obligated in timely manner generally expire Obligation - Answer Transaction legally binding the government to make payment E.g., place an order, award a contract, receive services Budget Authority - Answer Federal law provides to incur obligations up t...

Fiscal Law - Answer Body of law governing use of federal funds Fiscal Year - Answer 1 October ‐ 30 September Period of Availability - Answer Most appropriations available for obligation for limited time period Funds not obligated in timely manner generally expire Obligation - Answer Transaction legally binding the government to make payment E.g., place an order, award a contract, receive services Budget Authority - Answer Federal law provides to incur obligations up t...

U.S. Fiscal Law - Answer Body of law which governs the use and availability Federal funds by Executive Agencies Fiscal Law is derived from... - Answer 1. US Constitution (Article I) 2. US Code, Title 31 3. FAR and subsequent regulations 4. GAO and court rulings Fiscal Year - Answer Starts October 1 End September 30 Government Accountability Office (GAO) - Answer An investigative arm of Congress that issues opinions and reports to federal agencies concerning the obligation an...

Affirmative Authority governed by what: - Answer • The U.S. Constitution • Legislative Appropriations and Authorization Acts • Judicial Court Rulings and Comptroller General decisions DoD AA - Answer Depart of Defense Appropriations Act NDAA - Answer National Defense Authorization Act Necessary Expense Defined - Answer • Must be reasonably necessary • Doesn't have to be only or best way • Determinations are fact, agency, and purpose specific; AFI65-601. Purpo...