West Virginia Code 20-17-5 – Financial review and oversight
(a) An authority shall contract for and obtain an annual financial audit to be conducted by a private accounting firm in compliance with generally accepted government auditing standards. When complete, the audit shall be transmitted to the board, the president of the county commission of each participating county, and the Legislative Auditor. The cost of the audit shall be paid by the authority.
Terms Used In West Virginia Code 20-17-5
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Authority: means a multicounty trail network authority created pursuant to this article. See West Virginia Code 20-17-2
- Board: means the board of a multicounty trail network authority. See West Virginia Code 20-17-2
- Commission: means the Natural Resources Commission. See West Virginia Code 20-1-2
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the Director of the Division of Natural Resources. See West Virginia Code 20-1-2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Participating county: means one of the three or more counties forming a multicounty trail network authority. See West Virginia Code 20-17-2
(b) If an authority receives any funds from the Legislature by appropriation or grant, the Legislative Auditor shall have the power and authority to examine the revenues, expenditures, and performance of the authority, and, for these purposes, shall have the power to inspect the properties, equipment, and facilities of the authority and to request, inspect, and obtain copies of any records of the authority. For each fiscal year in which the authority receives any funds from the Legislature by appropriation or grant, the executive director shall provide to the Legislative Auditor and Secretary of Revenue a detailed list of actual expenditures and revenue by account and recipient name for the previous fiscal year within 45 days of the close of that fiscal year.