HB 2663
Relating to “unencumbered” special revenue accounts to be surrendered to general revenue under certain circumstances
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill addresses unencumbered funds held in special revenue accounts within West Virginia. It proposes that accounts inactive for over one, two, or more years have a portion of their funds forfeited and returned to the General Revenue Fund. The bill also prohibits spending from these accounts until the forfeiture process is complete, aiming to reduce unnecessary spending and improve financial accountability.
Key provisions
- Accounts inactive for over one year will forfeit 50% of unencumbered funds.
- Accounts inactive for over two years will forfeit 100% of unencumbered funds.
- Unencumbered special revenue accounts are subject to forfeiture.
- Forfeited funds are returned to the General Revenue Fund.
- Expenditures from these accounts are prohibited until forfeiture is complete.
- The bill amends §12-2-2 of the West Virginia Code to clarify these procedures.
- The State Treasurer is responsible for overseeing the forfeiture process.
- The State Auditor and Secretary of Revenue are to be informed of deposits and forfeitures.
Who is affected
- State Agencies
- The State Treasurer
- The State Auditor
- The Secretary of Revenue
- Taxpayers (indirectly, through the General Revenue Fund)
Notable changes
- Establishes a mechanism for forfeiting unencumbered funds in special revenue accounts.
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