H. B. 2363

(By Delegates Preece, Tomblin, Dempsey, Whitman,

Ellis, Kominar and Michael)
[Introduced February 3, 1995; referred to the
Committee on Political Subdivisions then Finance.]

A BILL to amend article five, chapter seven of the code of West

Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section sixteen-a; and to amend article thirteen, chapter eight of said code by adding thereto a new section, designated section seventeen-a, all relating to the double entry method of accounting and requiring counties, municipalities and all entities of local government to utilize the double entry form of accounting.

Be it enacted by the Legislature of West Virginia:
That article five, chapter seven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section sixteen-a; and that article thirteen, chapter eight of said code be amended by adding thereto a new section, designated section seventeen-a, all to read as follows:
CHAPTER 7. COUNTY COMMISSIONS AND OFFICERS.

ARTICLE 5. FISCAL AFFAIRS.

§7-5-16a. Double entry accounting.
Every county, county agency or county governmental entity shall use the double entry form of accounting in accounting for receipts and expenditures of funds. For the purposes of this section, double entry accounting is the accounting practice which indicates entries of both payments and withdrawals of any moneys in an account.
CHAPTER 8. MUNICIPAL CORPORATIONS.
ARTICLE 13. TAXATION AND FINANCE.
§8-13-17a. Double entry accounting.
Every municipality, municipal agency or municipal government entity shall use the double entry form of accounting for receipts and expenditures of funds. For the purpose of this section, double entry account is the accounting practice which indicates entries of both payments and withdrawals of any moneys in an account.

NOTE: The purpose of this bill is to require the counties, municipalities and other local government agencies to utilize the double entry form of accounting.

§7-5-16a and §8-13-17a are new; therefore, strike-throughs and underscoring have been omitted.