This bill amends the Code of West Virginia to establish a framework for the forfeiture of unencumbered funds in special revenue accounts that have been inactive for specified periods. Specifically, it stipulates that if a special revenue account has had no activity—either receiving or disbursing funds—for a period of one year, 25% of those funds will be forfeited and reverted to the General Revenue Fund. If the inactivity extends to between one and two years, 50% will be forfeited, and for accounts inactive for over two years, 100% of the funds will be forfeited. Additionally, the bill prohibits any disbursement of funds from these special revenue accounts until the forfeiture process is completed.

The bill also includes provisions that require officials and employees authorized to accept moneys on behalf of the state to adhere to these new regulations regarding the management of special revenue accounts. It emphasizes the need for accountability and ensures that inactive funds are redirected to the General Revenue Fund, thereby enhancing the state's financial management practices. The proposed changes aim to streamline the handling of state funds and ensure that resources are utilized effectively.

Statutes affected:
Introduced Version: 12-2-2