(1) (a) The Division of Finance shall: (i) account for revenues in accordance with generally accepted accounting principles; and (ii) use the major revenue types in internal accounting. (b) Each agency shall: (i) use the major revenue types to account for revenues; (ii) deposit revenues and other public funds received by them by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act; and (iii) expend revenues and public funds as required by this chapter. (2) (a) Each agency shall deposit its free revenues into the appropriate fund. (b) An agency may expend free revenues up to the amount specifically appropriated by the Legislature. (c) Any free revenue funds appropriated by the Legislature to an agency that remain unexpended at the end of the fiscal year lapse to the source fund unless the Legislature provides by law that those funds are nonlapsing. (3) (a) Each agency shall deposit its restricted revenues into the applicable restricted account or fund. (b) Revenues in a restricted account or fund do not lapse to another account or fund unless otherwise specifically provided for by law or legislative appropriation. (c) The Legislature may appropriate restricted revenues from a restricted account or fund for the specific purpose or program designated by law. (d) If the fund equity of a restricted account or fund is insufficient to provide the accounts appropriated from it by the Legislature, the Division of Finance may reduce the appropriation to a level that ensures that the fund equity is not less than zero. (e) Any restricted revenues appropriated by the Legislature to an agency that remain unexpended at the end of the fiscal year lapse to the applicable restricted account or fund unless the Legislature provides by law that those appropriations, or the program or line item financed by those appropriations, are nonlapsing. (4) Unless otherwise specifically provided by law, when an agency has a program or line item that is funded by both free revenue and restricted revenue, an agency shall expend those revenues based upon a proration of the amounts appropriated from each of those major revenue types.
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