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Engrossed Version Senate Bill 415 History

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Key: Green = existing Code. Red = new code to be enacted
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ENGROSSED


COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 415

(By Senators Love, Anderson, Bailey, Boley, Bowman,

Caldwell, Edgell, Facemyer, Fanning, Hunter, Minard,

Mitchell, Prezioso, Redd, Ross, Rowe, Sprouse, Plymale and Minear)

____________

[Originating in the Committee on Government Organization;

reported March 22, 2001.]

____________


A BILL to amend chapter seven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new article, designated article twenty-one, relating to authorizing rainy day funds for counties known as a financial stabilization fund; naming act; providing findings of the Legislature; authorizing county commissions to create financial stabilization funds; specifying the receipts available for the fund; establishing cap of 30 percent for the fund; authorizing investment of funds; and specifying authorized expenditures from the fund.

Be it enacted by the Legislature of West Virginia:
That chapter seven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new article, designated article twenty-one, to read as follow:
ARTICLE 21. COUNTY FINANCIAL STABILIZATION FUND ACT.
§7-21-1. Short title.

This article may be known and cited as the "County Financial Stabilization Fund Act".
§7-21-2. Findings and declarations.
The Legislature finds and declares that:
(1) County government should maintain a prudent level of financial resources to try to protect against reducing service levels or raising taxes and fees because of temporary revenue shortfalls, unpredicted one-time expenditures or emergency situations; and
(2) The creation, maintenance and use of a financial stabilization fund will provide counties with assistance to meet these challenges, as well as enable them to improve their financial management and practices.
§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 30 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.
§7-21-4. Fund investment; usage.
(a) The county commission may invest the money in the fund as it considers appropriate, with the earnings retained by the fund.
(b) The county commission may appropriate money in the financial stabilization fund upon a majority vote for any of the following purposes:
(1) To cover a general fund shortfall; or
(2) Any other purpose the commission considers appropriate.
_____


(NOTE: The purpose of this bill is to authorize county commissions to create financial stabilization funds, which are better known as "rainy day funds". The bill also provides for receipts and disbursements from the fund, as well as investing the fund.

This article is new; therefore, strike-throughs and underscoring have been omitted.)
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