S.Amdt. 4903

SA 4903. Mr. MENENDEZ submitted an amendment intended to be proposed
by him to the bill S. 2328, to reauthorize and amend the National Sea
Grant College Program Act, and for other purposes; which was ordered to
lie on the table; as follows:

Beginning on page 37, strike 16 and all that follows
through page 63, line 5.

SEC. 201. DEVELOPMENT AND APPROVAL OF FISCAL PLANS.

(a) In General.--Not later than the date that is 60 days
before the date on which the Governor of an applicable
covered territory is required under applicable law to submit
to the legislature of the applicable covered territory a
proposed budget for the upcoming fiscal year, the Governor,
in consultation with the Chief Financial Officer, shall
develop and submit to the Board and applicable territorial
government a Fiscal Plan for the applicable territorial
government in accordance with this section.
(b) Initial Fiscal Plan.--The Governor of an applicable
covered territory in consultation with the Chief Financial
Officer shall develop an initial Fiscal Plan in accordance
with subsection (a) within 90 days of the Governor of the
applicable covered territory signing a resolution adopted by
the legislature of the territory to request the establishment
of a Fiscal Stability and Reform Board under this subtitle,
or not later than the date that is 60 days before the date on
which the Governor of the applicable covered territory is
required under applicable law to submit to the legislature of
the applicable covered territory a proposed budget for the
upcoming fiscal year, whichever comes chronologically first.
(c) Requirements.--
(1) In general.--A Fiscal Plan shall, to the maximum extent
practicable, with respect to the applicable territorial
government--
(A) provide for estimates of revenues and expenditures in
accordance with modified accrual accounting standards and
based on--
(i) applicable laws; or
(ii) specific laws that require enactment in order to
reasonably achieve the projections of the Fiscal Plan;
(B) ensure the funding of essential public services;
(C) provide full funding to cover all existing public
pension obligations;
(D) provide for the elimination of budget gaps in
financing;
(E) provide for a reduction in the debt burden to a level
that is sustainable;
(F) improve fiscal governance;
(G) enable the achievement of fiscal targets;
(H) create independent forecasts of revenue for the period
covered by the Fiscal Plan; and
(I) not impede investments to promote sustained economic
growth.
(2) Term.--A Fiscal Plan shall be in effect for a period of
not less than 5 years.
(3) Transparency.--A Fiscal Plan shall be made publicly
available no less than 15 days after final approval as
specified within subsection (d).
(d) Approval by Board.--
(1) Requirement.--The Governor of a covered territory shall
not submit to the legislature of the applicable covered
territory an annual budget for a fiscal year unless the
Fiscal Plan has been approved for that fiscal year in
accordance with this subsection.
(2) Approval.--Not later than the date that is 15 days
after the date on which the Governor submits a Fiscal Plan to
the Board under subsection (a), the Board shall--
(A) certify the Fiscal Plan; or
(B) fail to certify the Fiscal Plan and provide to the
Governor recommendations for revisions to the Fiscal Plan.
(3) Revised fiscal plan.--
(A) In general.--Not later than the date that is 15 days
after the date on which the Board submits recommendations to
the Governor under paragraph (2)(B), the Governor shall
submit to the Board a revised Fiscal Plan.
(B) Approval; disapproval.--Not later than the date that is
7 days after the date on which the Governor submits to the
Board a revised Fiscal Plan under subparagraph (A), the Board
shall--
(i) certify the revised Fiscal Plan; or
(ii) disapprove the revised Fiscal Plan.
(4) Development by board.--If the Governor of a covered
territory fails to submit to the Board a revised Fiscal Plan
on or before the date specified in paragraph (3)(A), the
Board shall develop and submit to the Governor a final
revised Fiscal Plan not later than the date that is 22 days
after the date on which recommendations are provided to the
Governor under paragraph (2)(B).

SEC. 202. REVIEW OF BUDGETS.

(a) Budget Proposed by Governor.--
(1) Submission to board.--The Governor of the applicable
covered territory shall submit to the Board for review a
proposed budget for each fiscal year by not later than the
earlier of--

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(A) the date that is 120 days before the first day of the
fiscal year covered by the proposed budget; and
(B) the date that is 60 days before the date by which the
Governor is required under applicable law to submit to the
legislature of the applicable covered territory a proposed
budget for the applicable fiscal year.
(2) Determination of compliant budget.--Not later than the
date that is 15 days after the date on which a Board receives
a proposed budget under paragraph (1), the Board shall--
(A) determine whether the proposed budget is a compliant
budget; and
(B)(i) if the proposed budget is a compliant budget--
(I) approve the compliant budget; and
(II) submit the compliant budget to the legislature of the
applicable covered territory; or
(ii) if the proposed budget is not a compliant budget,
provide to the Governor of the applicable covered territory--
(I) a notice of violation that includes a description of
any corrective action suggested by the Board; and
(II) an opportunity to correct the violation by requiring
the Governor to submit to the Board a revised budget by not
later than the date that is 15 days after the date on which
the notice of violation under subclause (I) is provided.
(3) Revised budgets.--Not later than the date that is 7
days after the date on which the Board receives a revised
budget under paragraph (2)(B)(ii)(II), the Board shall--
(A) determine whether the revised budget is a compliant
budget; and
(B)(i) if the revised budget is a compliant budget--
(I) approve the compliant budget; and
(II) submit the compliant budget to the legislature of the
applicable covered territory; or
(ii) if the revised budget is not a compliant budget--
(I) issue a notice of noncompliance;
(II) publicly submit recommendations of the Board for
adjustments that should be made to ensure the adopted budget
of the territorial government for the applicable fiscal year
is a compliant budget;
(III) submit the noncompliant budget to the legislature of
the applicable covered territory with recommendations of the
Board for adjustments that should be made to ensure the
adopted budget of the territorial government for the
applicable fiscal year is a complaint budget; and
(IV) issue a directive that the legislature shall strive to
adopt the Board's recommendations in the budget of the
territorial government for the applicable fiscal year.
(b) Budget Approval by Legislature.--
(1) In general.--The legislature of the applicable covered
territory shall submit to the Board the budget adopted by the
legislature not later than--
(A) the date that is 30 days before the first day of each
applicable fiscal year; or
(B) the date previously approved in writing by the Board
not to exceed 60 days after the first day of the applicable
fiscal year, if a date was approved in writing.
(2) Determination by board.--Not later than the date that
is 7 days after the date on which the Board receives an
adopted budget submitted under paragraph (1), the Board
shall--
(A) determine whether the adopted budget is a compliant
budget; and
(B)(i) if the adopted budget is a compliant budget, issue a
compliance certification for the compliant budget; or
(ii) if the budget is not a compliant budget--
(I) issue a certificate of noncompliance;
(II) publicly submit recommendations of the Board for
adjustments that should be made to the budget of the
territorial government for the upcoming fiscal year to ensure
the revenues and expenditures are consistent with the Fiscal
Plan;
(III) provide to the Governor and legislature of the
applicable covered territory a certificate of noncompliance
that includes a description of any recommendations of the
Board for adjustments that should be made to the budget of
the territorial government for the upcoming fiscal year to
ensure the revenues and expenditures are consistent with the
Fiscal Plan; and
(IV) issue a directive that the Governor and the
legislature shall strive to adopt the Board's recommendations
in the budget of the territorial government for the upcoming
fiscal year.

On page 66, strike lines 1 through 12.
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