The fiscal year shall commence on the first day of July of each year. As originally enacted, section 1 began the fiscal year on January 1 but was amended in 1930 to begin July 1. Since the legislative session opens in February, this very practical change gives that body several months to enact a budget prior to the start of the fiscal year. (1) The legislature shall provide by law for an annual tax sufficient to defray the estimated expenses of the state for each fiscal year; and whenever the expenses of any year shall exceed the income, the legislature shall...
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