Current through Register Vol. 54, No. 49, December 7, 2024
Section 1.431 - Secretary and Department head responsibilities(a)Budget Secretary. The Secretary of Budget shall be responsible for: (1) Developing and installing accounting and financial reporting systems that will be in adherence with GAAP and that will: (i) Demonstrate compliance with all legal requirements and contractual obligations.(ii) Provide for adequate and proper stewardship over Commonwealth resources, property, and other assets.(iii) Provide appropriate and complete information for budgetary control.(2) Publishing an audited Comprehensive Annual Financial Report of the Commonwealth, based on criteria developed by the National Council on Governmental Accounting in their Statement 3, Defining the Governmental Reporting Entry, and adopted by the Governmental Accounting Standards Board or successor.(b)Department heads. The heads of independent departments, boards, and commissions and the governing bodies of quasi-governmental agencies included in the reporting entry are urged to use GAAP policies and procedures and to extend their cooperation to the Secretary of the Budget in compiling data necessary to the preparation of the annual report.