WEST virginia Legislature
2017 regular session
By
[
to the Committee on Political Subdivisions then Finance.
A BILL to amend and
reenact §7-21-3 of the Code of West Virginia, 1931, as amended, relating to
county budget stabilization funds; requiring that a county itemize and publish
all activity related to budget stabilization funds in the county's annual
financial statements.
Be it enacted by the Legislature
of West Virginia:
That §7-21-3 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 21. COUNTY FINANCIAL STABILIZATION FUND ACT.
§7-21-3. Budget stabilization fund; creation;
appropriation; maximum.
(a) A county commission may
create a "financial stabilization fund" by a majority vote of the
members. The fund may receive
appropriations, gifts, grants and any other funds made available.
(b) The county commission may
appropriate a sum to the fund from any surplus in the General Fund at the end
of each fiscal year or from any other money available.
(c) The amount of money in the
fund may not exceed thirty percent of the county's most recent general fund
budget, as originally adopted. When the
fund exceeds the thirty percent, the county commission shall transfer the
excess to any fund it considers appropriate.
(d) The county commission shall
publish all activity related to a financial stabilization fund created pursuant
to this section in the commission's annual financial statements required by
section sixteen, article five, chapter seven of this code. The county commission shall itemize and
include the following information in the financial statements:
(1) Any appropriations, gifts, grants
or other funds made available to a financial stabilization fund created
pursuant to this section, including the source of said funds.
(2) Any expenditures or removal of
funds from a financial stabilization fund created pursuant to this section,
including the purpose for removal of said funds.
(3) The balance of funds
in a financial stabilization fund created pursuant to this section.
NOTE: The purpose of this bill is
to require that a county itemize and publish all activity related to budget
stabilization funds in the county's annual financial statements.
Strike-throughs indicate language
that would be stricken from a heading or the present law and underscoring
indicates new language that would be added.