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Guidelines

(6)   Budget Carry-Forward Policy

A commitment is defined as an obligation in the form of a purchase order or contract before the obligation is incurred.  Commitments are used to reserve budgeted funds and to ensure that the funds will be available when payment is due.  The commitments that are still open (unpaid) at the end of a fiscal year are brought forward into the new fiscal year.  This is referred to as a carried-forward commitment.

Purchases Order for service contracts:
When preparing a Purchasing Requisition for a service contract, you should only commit the amount of funds needed for the period that falls within the current fiscal year.  For example, you would commit funds from July 1 through June 30.

Carry Forward available balances:
Remaining available balances will lapse at the end of each fiscal year.  Negative balances will carry forward and automatically reduce the cost center's new fiscal year budget.  The negative balances are based on each individual cost center.  Aggregation of indexes for calculation are not allowed.

Bond Funds:
Bond Funds will be allowed to roll over for one fiscal year only.  At the end of the subsequent fiscal year, any remaining funds will revert back to the Budget Office for redistribution.  Bond Funds are not allowed to have a deficit balance.

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