West Virginia Code 19-12A-6a – Special revenue account
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All funds collected by the department pursuant to this article, whether from the sale of food, the disposition of assets other than land, the lease of land or minerals or any other source, shall be paid into a special revenue account to be used for the purposes of this article: Provided, That when the remaining balance at the end of any fiscal year of the funds so collected and deposited in the special revenue account exceeds $1 million, the department may transfer the excess funds to the Department of Agriculture Capital Improvements Fund established in § 19-1-4e of this code.
Terms Used In West Virginia Code 19-12A-6a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC