This bill proposes an amendment to the Code of West Virginia, specifically targeting the regulations surrounding municipal financial stabilization funds. The key change involves the removal of the existing 30% cap on the amount of money that can be held in these stabilization funds, which is currently limited to thirty percent of a municipality's most recent general fund budget.

By eliminating this cap, municipalities will have greater flexibility in managing their financial stabilization funds, allowing them to retain more resources for future needs without the requirement to transfer excess funds to other accounts. This change aims to enhance the financial stability of municipalities by enabling them to build larger reserves in their stabilization funds.

Statutes affected:
Introduced Version: 8-37-3