Bill > SB725

This bill clarifies the rules for local fiscal bodies (government financial decision-making entities) regarding expenditures and multi-year contract obligations. The proposed changes specify that local fiscal bodies cannot spend money in an unauthorized manner, for unauthorized purposes, or beyond their allocated funds. The bill introduces new provisions allowing local fiscal bodies to enter into multi-year contracts under specific conditions: contracts up to five years are permitted if they include a 30-day cancellation clause and the body can demonstrate material fiscal savings, and technology licensing service agreements can extend up to 10 years with similar cancellation and documentation requirements. Additionally, the bill maintains an existing provision that allows a small deficit (up to 3% over the approved levy estimate) without penalty, as long as the deficit is addressed in the next fiscal year's budget. The changes aim to provide local fiscal bodies with more flexibility in long-term contracting while maintaining financial accountability and preventing unauthorized spending.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=725&year=2025&sessiontype=RS&btype=bill