Virginia Code 15.2-5145: Financial report; authority budget; audit
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Any locality may, by resolution, require an authority to:
Terms Used In Virginia Code 15.2-5145
- Authority: means an authority created under the provisions of § 15. See Virginia Code 15.2-5101
- 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.
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
1. Submit to it an annual financial statement in a form prescribed by the Auditor of Public Accounts; or
2. Have an audit conducted for any fiscal year according to generally accepted auditing and accounting standards or according to the audit specifications and audit program prescribed by the Auditor of Public Accounts.
1978, c. 617, § 15.1-1269.2; 1997, c. 587.