This bill proposes amendments to section 6-9-8 of the Code of West Virginia, 1931, specifically aimed at increasing the financial cap on audits conducted for municipalities. The current cap of $3,000 for services rendered to a Class IV municipality will be raised to $5,000. Additionally, the chief inspector will be allowed to charge up to an additional $5,000 for costs incurred for services related to utility or park systems owned by Class IV municipalities, as well as for each police and fire pension and relief fund maintained by the municipality. The bill also stipulates that if a municipality is required to undergo a single audit by federal agencies, the cost limitations will not apply.

Furthermore, the bill establishes a revolving fund for the chief inspector's office to facilitate timely payments to deputy inspectors and assistants. This fund will be supported by a legislative appropriation of $25,000, along with payments received for services and interest earned on the fund's balance. The chief inspector will also have the authority to transfer up to $400,000 from this fund to a special operating fund, with the stipulation that such transfers must be completed before July 1, 2003. The bill aims to enhance the financial resources available for municipal audits and improve the efficiency of the auditing process.

Statutes affected:
Introduced Version: 6-9-8