The Commission shall have the following general powers and duties:
1. To make regulations, including rules of procedure for the conducting of hearings;
2. To keep a record of its proceedings and to be responsible for the custody and preservation of its papers and documents;
4. To investigate, analyze, and make findings of fact, as directed by law, as to the probable effect on the people residing in any area of the Commonwealth of any proposed action in that area: a. To annex territory, b. To have an area declared immune from annexation, c. To establish a town or independent city, d. To settle or adjust boundaries between localities, e. To make a transition from city status to town status, f. To make a transition from a county to a city, g. To consolidate two or more localities, at least one of which is a county, into a city, or h. To enter into economic growth-sharing agreements among localities;
5. To conduct investigations, analyses and determinations, in the sole discretion of the Commission, for the guidance of localities in the conduct of their affairs upon the request of such localities;
6. To receive from all agencies, as defined in § 2.2-128, assessments of all mandates imposed on localities administered by such agencies. The assessments shall be conducted on a schedule to be set by the Commission, with the approval of the Governor and the Secretary of Commerce and Trade, provided that the assessments shall not be required to be performed more than once every four years. The purpose of the assessments shall be to determine which mandates, if any, may be altered or eliminated. If an assessment reveals that such mandates may be altered or eliminated without interruption of local service delivery and without undue threat to the health, safety and welfare of the residents of the Commonwealth, the Commission shall so advise the Governor and the General Assembly;
7. To prepare and annually update a catalog of state and federal mandates imposed on localities including, where available, a summary of the fiscal impact on localities of all new mandates. All departments, agencies of government, and localities are directed to make available such information and assistance as the Commission may request in maintaining the catalog;
9. To act in an oversight capacity and coordinate with the Auditor of Public Accounts for the purpose of determining whether a locality in fiscal distress has taken appropriate action as provided in § 15.2-2512.1; and
10. To perform such other duties as may be imposed upon it, from time to time, by law.