Many Traditions One Alaska - Financial Update

5 State Roles & Responsibilities State University The University of Alaska is hereby established as the state university and constituted a body corporate. It shall have title to all real and personal property now or hereafter set aside for or conveyed to it. Its property shall be administered and disposed of according to law. (Article VII Section 2) Governor UA regents are appointed by the governor, subject to Legislative confirmation (Article III Section 26). Office of Management and Budget (OMB) serves as the governor's budget office. • Reviews budget requests from UA and proposes annual operating and capital budgets to the Legislature. Monitors funds spent in relation to budgets. Legislature sends bill to the Governor, who has 20 working days (excluding Sundays) to review the bill and exercise line-item veto power. If no action is taken by the Governor the bill becomes law. Legislature (House of Representatives and State Senate) • UA regents are confirmed by a majority of the members of the legislature in joint session. (Article III Section 26) Legislative Finance Division serves as the budget office for the Legislature. State funding and receipt authority are appropriated through various budget bills. • UA requires sufficient receipt authority to expend earned revenues (e.g federal funds, tuition/fee revenue). UNIVERSITY of ALASKA Many Traditions One Alaska

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