Bill Text: WV HB2034 | 2017 | Regular Session | Introduced
Bill Title: Relating to county budget stabilization funds
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-02-15 - To House Finance [HB2034 Detail]
Download: West_Virginia-2017-HB2034-Introduced.html
WEST virginia Legislature
2017 regular session
Introduced
House Bill 2034
By Delegate McGeehan
[Introduced February
8, 2017; Referred
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.
