REVISOR'S NOTE: Subsections (a), (b)(1), (2), and (4), and (c) of this section are
new language derived without substantive change from former Art. 27, §§
681(G) and 681K(a).

Subsection (b)(3) of this section is new language added to state expressly
that which was only implied in the former law, i.e., revenue in the fund
does not revert to the State's general fund at the end of the fiscal year.

In subsection (a) of this section, the former reference to the State Use
Industries' budget being "subject to normal legislative review and
approval" is deleted as implicit in the requirement that the State Use
Industries budget be "includ[ed] ... in the Department's budget".

In subsection (b)(4) of this section, the requirement that fiscal records be
submitted on an annual basis is substituted for the former vague
requirement that such records be submitted "from time to time" to reflect
actual practice.

Defined terms: "Comptroller" § 1-101
"Department" § 1-101
"Inmate" § 1-101
"Treasurer" § 1-101

3-508. RECORDS; FINANCIAL STATEMENTS.

(A) IN GENERAL.
THE DIVISION SHALL:

(1) FORMULATE AN ACCOUNTING AND RECORD SYSTEM THAT AT ALL
TIMES INDICATES THE SOURCE, NATURE, AND EXTENT OF STATE USE INDUSTRIES'
PURCHASES AND SALES; AND

(2) MAINTAIN ACCOUNTING RECORDS AND PREPARE FINANCIAL
STATEMENTS IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING
PRINCIPALS FOR ENTERPRISE FUND TYPE ACTIVITIES.

(B) ANNUAL FINANCIAL STATEMENT.

THE FINANCIAL STATEMENTS REQUIRED UNDER SUBSECTION (A)(2) OF THIS
SECTION SHALL BE PREPARED AND AVAILABLE FOR AUDIT PURPOSES NOT LATER
THAN 60 DAYS AFTER THE CLOSE OF EACH FISCAL YEAR

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 27, § 681-I(a).

In subsection (a)(1) of this section, the reference to "State Use Industries'"
purchases and sales is substituted for the former reference to "its"
purchases and sales to state expressly that which was only implied in the
former law, i.e., subsection (a)(1) of this section applies to purchases and
sales made by State Use Industries and not to purchases and sales made
by the Division as a whole.