SB331 SUB H FIN AM #1
Akers 3254
The Committee on Finance moved to amend the committee substitute bill on page 1, after the enacting clause, by striking out the remainder of the bill and inserting in lieu thereof the following:
Notwithstanding any other provision of this code, when it appears to any of the various fiscal bodies of the county that funds on deposit in its demand deposit account exceed the current requirements or demands, and it further be determined by the county treasurer that the available interest rate offered by an acceptable depository in such treasurer's county be less than the interest rate, net of any administrative fees, referred to in article six, chapter twelve of this code, offered it through the state Board of Investments investments, the county treasurer may, with the approval in writing of each fiscal body whose funds are involved, make such funds available to the state Board of Investments for investment in accordance with the provisions of said article six, chapter twelve of the code for investment by the West Virginia Investment Management Board in accordance with the provisions of §12-6-1 et seq. of this code or the West Virginia Board of Treasury Investments in accordance with the provisions of §12-6C-1 et seq. of this code.
Any income earned on such investment shall be allocated by such treasurer to the fiscal body whose funds were made available, such allocation to be made in accordance with the accounting and allocation principles established by the Board of Investments the West Virginia Investment Management Board or the West Virginia Board of Treasury Investments, as applicable.
(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 50 percent of the county's most recent General Fund budget, as originally adopted. When the fund exceeds the 50 percent, the county commission shall transfer the excess to any fund it considers appropriate.
(c) The county commission may, in the exercise of its discretion, make the moneys in the fund available for investment by the Board of Treasury Investments or the Investment Management Board in accordance with the provisions of §7-6-5a of this code: Provided, That if the amount of money in the fund exceeds 50 percent of the county's most recent General Fund budget, the county shall consider tax reduction measures.”
Adopted
Rejected