WEST virginia legislature
2019 regular session
Introduced
House Bill 2773
By Delegates Cowles and J. Kelly
[Introduced January 30, 2019; Referred
to the Committee on Political Subdivisions then Government Organization.]
A BILL to amend and reenact §7-12-12 of the Code of West Virginia, 1931, as amended, relating to granting the State Auditor the authority to audit the books and records of local economic development authorities; and permitting, in the alternative, the authority to be audited by an independent Certified Public Accountant with copies forwarded to the county commission and the Auditor.
Be it enacted by the Legislature of West Virginia:
ARTICLE 12. COUNTY AND MUNICIPAL DEVELOPMENT AUTHORITIES.
§7-12-12. Contributions by county commissions, municipalities and others; funds and accounts; reports; audit and examination of books, records and accounts.
Contributions
may be made to the authority from time to time by the county commission of the
county or any municipal corporation therein, and by any persons, firms or
corporations which shall desire to do so. All such funds and all other funds
received by the authority shall be deposited in such bank or banks as the
authority may direct and shall be withdrawn therefrom in such manner as the
authority may direct. The authority shall keep strict account of all its
receipts and expenditures and shall each quarter make a quarterly report to the
county commission and municipalities containing an itemized statement of its
receipts and disbursements during the preceding quarter. Within 60 days after
the end of each fiscal year, the authority shall make an annual report
containing an itemized statement of its receipts and disbursements for the
preceding year, and such annual report shall be published as a Class I legal
advertisement in compliance with the provisions of §59-3-1 et seq. of this
code, and the publication area for such the publication shall be
the county in which the development authority is located. The books, records
and accounts of the authority shall be subject to audit and examination
by the office of the State Tax Commissioner of West Virginia and by any
other proper public official or body in the manner provided by law State
Auditor: Provided, That in lieu of having its books, records and
accounts audited by the office of the State Auditor, the authority may elect to
have its books, records and accounts audited annually by an independent
Certified Public Accountant or firm, which annual audit is hereby found,
declared and determined to be sufficient to satisfy the requirements of §6-9-1
et seq. of this code pertaining to annual audit reports. A copy of the annual
audit shall be forwarded within 30 days of receipt to the county commission and
to the State Auditor.
NOTE: The purpose of this bill is to grant the State Auditor the authority to audit the books and records of local economic development authorities. The bill permits, in the alternative, the authority to be audited by an independent certified public accountant with copies forwarded to the county commission and the auditor.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.