Article X
Finance

     Section 1.  Public money raised or received by the State Government shall be deposited within the State Treasury.  No money may be withdrawn from the State Treasury except in accordance with appropriations or authorizations made by law.

Case annotations:  In fiscal matters, the court must hear constitutional objections in order to save the state an expenditure of funds that may be unconstitutional.  Siba v. Sigrah, 4 FSM Intrm. 329, 335 (Kos. S. Ct. Tr. 1990).

It is an inconsistency and a conflict with the legislative role in the Kosrae government when a member of the Legislature is made an allottee of funds for a purpose other than the operation of the legislature.   Siba v. Sigrah, 4 FSM Intrm. 329, 339 (Kos. S. Ct. Tr. 1990).

The legislature has some discretion as to who it may make an allottee and complete discretion as to the purpose and policies behind the allotment, but the function of the allottee is definitely not legislative in character.  Siba v. Sigrah, 4 FSM Intrm. 329, 340 (Kos. S. Ct. Tr. 1990).

     Section 2.  Regular statements accounting for all public money received, obligated, or expended shall be published by the State Treasurer as prescribed by law.

     Section 3.  The Legislature may not appropriate or authorize funds in excess of estimated available revenues and other money available to the State Government.

     Section 4.  No appropriation of public money may be made or public property transferred or used except for a public purpose.

     Section 5.  The Governor shall submit an annual budget to the Legislature at a time prescribed by law, setting forth a complete plan of proposed expenditures, anticipated revenues, and other money available to the State Government for the next fiscal year, together with additional information the Legislature may require. The budget shall be submitted in a form prescribed by law.  The Legislature may alter the budget in any respect.

     Section 6.  The Governor may borrow money on the public credit as authorized by law.

     Section 7.  There shall be regular and independent audits of State agencies and public money.

     Section 8.  A public service system shall be established by law within one year from the ratification of this amendment.
(Added by 1995 Con. Con.)

     Section 9.  All State Government obligations and disbursements of funds shall be discharged from the State Treasury in accordance with law that provides for a unified, state-wide financial management system for all branches of government.
(Added by 1995 Con. Con.)
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