HB4427

West Virginia HB4427 mandates the forfeiture of unencumbered funds in special revenue accounts to the General Revenue Fund if inactive for over a.

West Virginia HB4427 addresses the management of unencumbered funds in special revenue accounts. It requires the forfeiture of 50% of funds in accounts inactive for one year and 100% for accounts inactive for two years. The bill also prohibits expenditures from these accounts until the forfeiture process is complete. Additionally, it allows the State Treasurer to establish a centralized receipts processing center and to audit imprest funds annually. The gross amount collected is paid into the State Treasury, with commissions and expenses paid from the collected amount.