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 88 STAT. ]

321

PUBLIC LAW 93-344-JULY 12, 1974 TITLE V—CHANGE OF F I S C A L FISCAL YEAR TO B E G I N OCTOBER

YEAR 1

SEC. 501. Section 237 of the Revised Statutes (31 U.S.C. 1020) is amended to read as follows: "SEC. 237. (a) The fiscal year of the Treasury of the United States, in all matters of accounts, receipts, expenditures, estimates, and appropriations— " (1) shall, through June 30, 1976, commence on July 1 of each year and end on June 30 of the following year; and "(2) shall, beginning on October 1, 1976, commence on October 1 of each year and end on September 30 of the following year. "(b) All accounts of receipts and expenditures required by law to be published annually shall be prepared and published for each fiscal year as established by subsection (a). "

accounts, anal publication.

T R A N S I T I O N TO N E W FISCAL YEAR

SEC. 502. (a) As soon as practicable, the President shall prepare and submit to the Congress— (1) after consultation with the Committees on Appropriations of the House of Representatives and the Senate, budget estimates for the United States Government for the period commencing July 1, 1976, and ending on September 30, 1976, in such form and detail as he may determine; and (2) proposed legislation he considers appropriate with respect to changes in law necessary to provide authorizations of appropriations for that period. (b) The Director of the Office of Management and Budget shall provide by regulation, order, or otherwise for the orderly transition by all departments, agencies, and instrumentalities of the United States Government and the government of the District of Columbia from the use of the fiscal year in effect on the date of enactment of this Act to the use of the new fiscal year prescribed by section 237 (a)(2) of the Revised Statutes. The Director shall prepare and submit to the Congress such additional proposed legislation as he considers necessary to accomplish this objective. (c) The Director of the Office of Management and Budget and the Director of the Congressional Budget Office jointly shall conduct a study of the feasibility and advisability of submitting the Budget or portions thereof, and enacting new budget authority or portions thereof, for a fiscal year during the regular session of the Congress which begins in the year preceding the year in which such fiscal year begins. The Director of the Office of Management and Budget and the Director of the Congressional Budget Office each shall submit a report of the results of the study conducted by them, together with his own conclusions and recommendations, to the Congress not later than 2 years after the effective date of this subsection. ACCOUNTING PROCEDURES

SEC. 503. (a) Subsection (a)(1) of the first section of the Act entitled "An Act to simplify accounting, facilitate the payment of obligations, and for other purposes", approved July 25, 1956, as amended (31 U.S.C. 701), is amended to read as follows:

31 USC 1020 note. Budget e s t i mates and proposed legislation, submittal to Congress.

Supra.

Study.

Reports, submittal to Congress.

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