West Virginia HB5064 addresses municipalities that fail to complete required financial audits for multiple years, defining fiscal emergencies and.

West Virginia HB5064 modifies definitions and clarifies fiscal emergency conditions for municipalities. It defines "chronic audit noncompliance" as failing to submit required annual financial statements or audits for three consecutive years. The bill authorizes the State Auditor to evaluate a municipality's likelihood of financial recovery based on revenue capacity, population trends, debt obligations, operational feasibility, and compliance history. If a municipality has no reasonable likelihood of achieving fiscal recovery, the State Auditor may initiate dissolution proceedings.

West Virginia HB5064 addresses municipalities that fail to complete required financial audits for multiple years, defining fiscal emergencies and.

West Virginia HB5064 modifies definitions and clarifies fiscal emergency conditions for municipalities. It defines "chronic audit noncompliance" as failing to submit required annual financial statements or audits for three consecutive years. The bill authorizes the State Auditor to evaluate a municipality's likelihood of financial recovery based on revenue capacity, population trends, debt obligations, operational feasibility, and compliance history. If a municipality has no reasonable likelihood of achieving fiscal recovery, the State Auditor may initiate dissolution proceedings.