SB 725
Relating to unlawful expenditures by local fiscal bodies
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies West Virginia law regarding how local fiscal bodies can spend money. It limits local fiscal bodies to obligating funds for no more than one year, with exceptions for specific contracts like those for technology services and multi-year contracts with cancellation clauses. The bill also allows for a small deficit (up to 3%) if it’s addressed in the following year’s budget, excluding certain liabilities and employer contributions.
Key provisions
- Limits local fiscal bodies to one-year funding obligations.
- Allows multi-year contracts up to five years with cancellation clauses.
- Permits multi-year technology license service agreements up to 10 years with cancellation clauses.
- Requires justification for multi-year contracts demonstrating fiscal savings.
- Allows for a 3% deficit if addressed in the subsequent budget year.
- Excludes certain liabilities and employer contributions when calculating deficits.
Who is affected
- Local fiscal bodies (counties, cities, towns)
- Local government officials
- Taxpayers
Notable changes
- Establishes a one-year limit on fund obligations.
- Introduces requirements for justifying multi-year contracts.
- Clarifies the calculation of deficits and excludes specific financial obligations.
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