SB 726
Removing cap for municipalities on their stabilization fund
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 726 would eliminate the 30% limit on the amount of money West Virginia municipalities can hold in their stabilization funds. These funds are intended to provide financial stability for local governments during economic downturns or unexpected expenses. The bill would allow municipalities to accumulate more money in these funds, drawing from surpluses in the state’s general fund or other available resources. This change would give municipalities greater flexibility in managing their finances and preparing for potential challenges.
Key provisions
- Removes the 30% cap on municipal stabilization funds.
- Allows municipalities to draw from state general fund surpluses.
- Permits municipalities to receive gifts and grants for their stabilization funds.
- Requires municipalities with excess funds to transfer them to an appropriate fund.
Who is affected
- West Virginia municipalities
- Local government officials
- Taxpayers in West Virginia
Notable changes
- Eliminates the existing 30% cap on stabilization fund amounts.
Fiscal impact
The bill allows municipalities to utilize surplus general fund money, potentially impacting the state’s general fund budget.
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