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Auditor: West Virginia could have millions hiding in special revenue funds

By Steven Allen Adams, The Intelligencer

CHARLESTON, W.Va. — Lawmakers are potentially missing out millions of additional dollars for the state budget and other appropriations because of lack of limits for special revenue funds according to auditors.

Members of the Post Audits Subcommittee heard a report Monday afternoon reviewing the use of special revenue funds by the state. The report found that out of the 741 special revenue funds reviewed, 94% lacked clear fund balance limits. Of the 741 special revenue funds, 705 funds had no defined limit and 36 funds had vague fund limits and legislative auditors could not determine what those limits were.

“The majority of special revenue funds reviewed did not have a clearly defined fund balance limit in code,” said Auditor Ashley Edmonds. “This potentially allows the balances to grow beyond what was intended and makes determining excess fund balances difficult, if they can be determined at all.”

Using several different metrics to compare ending balances of 11 special revenue funds with vague balance limits with historical expenditures, auditors determined that the total exceeding historical trend ranged from $34 million to $26.5 million. Using the most conservative method, auditors determined that 134 funds exceed historical expenditures by $166 million…

To read more: https://www.theintelligencer.net/news/top-headlines/2021/11/auditor-west-virginia-could-have-millions-hiding-in-special-revenue-funds/

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