Virginia Code 15.2-2501: Establishment of funds for accounting and budgeting; separate depository and investment accounts not required
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Every locality and school division shall establish such funds as may be required by law and as may otherwise be deemed necessary to provide appropriate accounting and budgetary control over the activities and affairs of the locality or school division. This section shall not be construed to require separate depository or investment accounts for the assets of each fund.
Terms Used In Virginia Code 15.2-2501
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
1997, c. 587.