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 less than one year, 25% of those funds will be forfeited and reverted to the General Revenue Fund. If the inactivity extends to over one year but less than 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 and repayment to the General Revenue Fund has been completed.

The bill also includes provisions for the management of moneys received by the state, requiring officials to maintain daily itemized records and deposit funds promptly with the State Treasurer. It clarifies that all moneys received from federal appropriations must be recorded in special fund accounts and can only be expended upon legislative appropriation. The bill aims to enhance fiscal responsibility by ensuring that inactive funds are returned to the General Revenue Fund, thereby promoting more efficient use of state resources.

Statutes affected:
Introduced Version: 12-2-2