30-140 - Certain political subdivisions to file report of audit; period in which report kept as public record; when audit not required; sworn statement of exempted entities; publication of summary of
§ 30-140. Certain political subdivisions to file report of audit; period inwhich report kept as public record; when audit not required; sworn statementof exempted entities; publication of summary of financial condition; repealof conflicting provisions.
A. Each authority, commission, district or other political subdivision themembers of whose governing body are not elected by popular vote shallannually, within three months after the end of its fiscal year, have an auditperformed covering its financial transactions for such fiscal year accordingto the specifications of the Auditor of Public Accounts and file with theAuditor of Public Accounts a copy of the report, unless exempted inaccordance with subsection B. The Auditor of Public Accounts shall receivesuch reports and keep the same as public records for a period of ten yearsfrom their receipt.
B. No audit, however, shall be required for any fiscal year during which suchentity's financial transactions did not exceed the sum of $5,000.
As used in this section, "financial transactions" shall not includefinancial transactions involving notes, bonds or other evidences ofindebtedness of such entity the proceeds of which are held or advanced by acorporate trustee or other financial institution and not received ordisbursed directly by such entity.
In the event an audit is not required, the entity shall file a statementunder oath certifying that the transactions did not exceed such sum and, asto all transactions involving notes, bonds or other evidences of indebtednesswhich are exempted, the statement shall be accompanied by an affidavit fromthe trustee or financial institution certifying that it has performed theduties required under the agreement governing such transactions.Notwithstanding the foregoing, the Auditor of Public Accounts may require anaudit if he deems it to be necessary to determine the propriety of theentity's financial transactions.
In the case of a water and sewer authority required by a governing body tohave an audit conducted as specified in § 15.2-5145, the authority shall filethe certified audit with the Auditor of Public Accounts.
At the time the report required by this section is filed with the Auditor ofPublic Accounts every such authority, commission, district or other politicalsubdivision, except those exempted from the audit report requirement, shallpublish, in a newspaper of general circulation in the county, city or townwherein the authority, commission, district or other political subdivision islocated, a summary statement reflecting the financial condition of theauthority, commission, district or other political subdivision, which shallinclude a reference to where the detailed statement may be found.
Any provision of law, general or special, which by its terms requires anaudit that is not required by this section shall be repealed to the extent ofany conflict.
(Code 1950, § 2-135.1; 1956, c. 298; 1958, c. 534; 1966, c. 677, § 2.1-164;1978, c. 617; 1981, c. 547; 1982, c. 631; 2001, c. 844.)