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1997 Session

Budget Amendments - SB700 (Committee Approved)

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Study Local Funds (language only)

Item 4-8.01 #2s

Item 4-8.01 #2s

Reporting Requirements
Governor

Language
Page 457, strike lines 15 through 19, and insert:
"By September 1, 1997, all state agencies and institutions of higher education shall report to the State Comptroller the balance of each local fund under its control, with the exception of those funds which result from donations or payments from local jurisdictions to community colleges, as of June 30, 1997, and the activity of the fund for the year then ended.  The Comptroller shall consult with the Auditor of Public Accounts and the Director of the State Council of Higher Education on the manner in which the report should be prepared.  The report shall include the purpose of the fund and the reason why such fund is not on deposit in the state treasury pursuant to § 2.1-180, Code of Virginia, and § 4-2.01 b.1. of this act.  The report shall exclude endowment funds and gifts to the agencies and institutions and the income from such endowment funds and gifts.  On or before November 15, 1997, the Department of Accounts, in consultation with the Auditor of Public Accounts and the Director of the State Council of Higher Education, shall summarize, analyze and report the information specified in this subsection, with recommendations, to the Chairmen of the House Appropriations and Senate Finance Committees."


Explanation
(This amendment is self-explanatory.)