AK HB348

Designates the bill as the Federal Receipts Fiscal Accountability Act requiring state agencies, municipalities, school districts, Native corporations, the University of Alaska, and other entities receiving state funds to report annually on federal receipts to the Office of Management and Budget by October 31.

Requires reporting entities to disclose total federal receipts not legislatively appropriated, associated conditions or requirements, whether receipts require matching funds or supplementation, the percentage of total budget represented by federal receipts, and contingency operating plans if federal receipts decline by 5-25% or more than 25%.

Directs the Office of Management and Budget to compile federal receipts reports and submit a summary to the Legislative Budget and Audit Committee and finance committees of both legislative houses by November 30 each year, identifying non-compliant entities.

Modifies the Legislative Budget and Audit Committee duties to include reviewing reports on federal receipts and recommending appropriation actions to the legislature.

Amends the procedure for increasing appropriations based on additional federal or program receipts, requiring the Legislative Budget and Audit Committee to affirmatively recommend initiation of new activities before the governor may expend funds, with mandatory recommendation required on any newly revised program submitted after initial rejection.