HB 4427
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 a specified period – one year, two years, or over two years – forfeit a portion of their funds, with the amounts reverting 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 ensure accountability for state funds.
Key provisions
- Accounts inactive for over two years will forfeit 100% of their unencumbered funds.
- Accounts inactive for over one year but less than two years will forfeit 50% of their unencumbered funds.
- Accounts inactive for over one year will forfeit 25% of their unencumbered funds.
- The bill prohibits spending from these inactive accounts until the funds are forfeited.
- It clarifies that certain funds, such as those for specific purposes and farm product sales, are exempt from these forfeiture rules.
- It establishes a process for the State Treasurer to review and potentially amend deposit procedures.
- The bill allows for the creation of an imprest fund system.
- It contemplates the establishment of a centralized receipts processing center.
Who is affected
- State Agencies
- The State Treasurer
- The State Auditor
- The Secretary of Revenue
- Taxpayers (indirectly, through state revenue)
Notable changes
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