H. B. 4648
(By Delegate McGeehan)
[Introduced
February 22, 2010
; referred to the
Committee on Government Organization then the Judiciary.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §24-1-11, relating to
providing guidelines for an independent audit of the Public
Service Commission.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §24-1-11, to read as
follows:
ARTICLE 1. GENERAL PROVISIONS.
§24-1-11. Audit of commission.
Each year, the Public Service Commission shall prepare and
provide to each member of the West Virginia Legislature who so
requests an annual report detailing the financial condition and
operations of the Public Service Commission. Each year, the Public
Service Commission shall file with the Legislative Auditor's office a record of a full and complete accounting of its activities,
including the collection of all revenues, expenditures,
liabilities, assets, bonds and disbursement of funds. In addition
to the review of the Public Service Commission's activities by the
office of the Legislative Auditor, an independent auditing entity
shall conduct an annual audit of the information provided by the
Public Service Commission and the audit reports of the Legislative
Auditor, with specific data on the cost effectiveness of the
current mechanism of rate regulation for all industries regulated
by the Public Service Commission, with specific reference to the
impact upon West Virginia ratepayers of alternate rate setting
mechanisms, including, but not limited to, participation in
competitive markets, and how such competitive market strategies for
consumer choice and alternate rate setting mechanisms might be
implemented, and a list of actions which may be undertaken by the
Public Service Commission which may result in lower rates for West
Virginia ratepayers; and the report of this independent entity
shall be provided to each member of the Legislature requesting a
copy.
NOTE: The purpose of this bill is to require the Public
Service Commission to provide a full financial accounting on an
annual basis to the Legislature via the mechanism of an independent
audit.
§24-11-1 is new; therefore, it has been completely
underscored.
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