62.1-69.42 - Funding. - Virginia Statutes

§ 62.1-69.42. Funding.

A. The Commission shall annually adopt a budget, which shall include theCommission's estimated expenses. Funding for the Commission shall be sharedand apportioned between the Commonwealth of Virginia and the State of NorthCarolina. The appropriation of public funds to the Commission shall beprovided through each state's regular process for appropriating public funds.The Virginia planning district commissions within the Basin shall bear aproportion of Virginia's share of the expenses, which may be in the form ofin-kind contributions.

B. The Commission shall designate a fiscal agent.

C. The accounts and records of the Commission showing the receipt anddisbursement of funds from whatever source derived shall be in such form asthe Virginia Auditor of Public Accounts and the North Carolina State Auditorprescribe, provided that such accounts shall correspond as nearly as possibleto the accounts and records for such matters maintained by similarenterprises. The accounts and records of the Commission shall be subject toan annual audit by the Virginia Auditor of Public Accounts and the NorthCarolina State Auditor or their legal representatives, and the costs of suchaudit services shall be borne by the Commission. The results of the auditsshall be delivered to the appropriate legislative oversight committees ineach state.

(2002, cc. 657, 843; 2003, c. 885.)