The Authority shall, within 120 days of the close of each fiscal year, submit an annual report of its activities for the preceding fiscal year to the Governor and the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. Each report shall set forth, for the preceding fiscal year, a complete operating and financial statement for the Authority and any loan fund or loan guarantee fund the Authority administers or manages. The report shall also include information regarding the percentage of loan and grant program funds that were utilized or awarded by the Authority during such year. The Auditor of Public Accounts or his legally authorized representatives shall audit the books and accounts of the Authority and any loan fund or loan guarantee fund the Authority administers or manages as determined necessary by the Auditor of Public Accounts.

Terms Used In Virginia Code 2.2-2312

  • Authority: means the respective political subdivisions of the Commonwealth created in this subpart. See Virginia Code 2.2-2200
  • 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.
  • Loan: means any lease, loan agreement, or sales contract defined as follows:

    1. See Virginia Code 2.2-2279

1984, c. 749, § 9-235; 1997, c. 815; 2001, c. 844; 2018, cc. 57, 307; 2021, Sp. Sess. I, c. 148.

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