The bill amends the Code of West Virginia, specifically section 8-37-3, to remove the existing 30 percent cap on municipal stabilization funds. This change allows municipalities greater flexibility in creating and managing their financial stabilization funds, which can be established by a majority vote of the governing body. The funds can receive various forms of financial support, including appropriations, gifts, and grants.

Additionally, the governing body of a municipality is permitted to appropriate surplus funds from the General Fund at the end of each fiscal year or from any other available money to the stabilization fund. This amendment aims to enhance the financial stability of municipalities by enabling them to build more substantial reserves without the previous limitation. The bill is set to take effect 90 days after its passage, on June 10, 2026.

Statutes affected:
Introduced Version: 8-37-3
Enrolled Version: 8-37-3