West Virginia Code 7-21-3 – Budget stabilization fund; creation; appropriation; maximum
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(a) A county commission may create a “financial stabilization fund” by a majority vote of the members. The fund may receive appropriations, gifts, grants, and any other funds made available.
Terms Used In West Virginia Code 7-21-3
- 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.
(b) The county commission may appropriate a sum to the fund from any surplus in the General Fund at the end of each fiscal year or from any other money available.
(c) The amount of money in the fund may not exceed 50 percent of the county’s most recent General Fund budget, as originally adopted. When the fund exceeds the 50 percent, the county commission shall transfer the excess to any fund it considers appropriate.