                                 CODE OF VIRGINIA

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 FINANCIAL CONDITION; REPEAL OF CONFLICTING
PROVISIONS (§ 30-140)

A. Each authority, commission, district, or other political subdivision the
members of whose governing body are not elected by popular vote shall annually,
within five months after the end of its fiscal year, have an audit performed
covering its financial transactions for such fiscal year according to the
specifications of the Auditor of Public Accounts and file with the Auditor of
Public Accounts a copy of the report, unless exempted in accordance with
subsection B.
			Each authority, commission, district, or other political subdivision the
members of whose governing body are not elected by popular vote and which is
reported in the Commonwealth&#8217;s Comprehensive Annual Financial Report as
determined by the State Comptroller and the Auditor of Public Accounts shall
annually, within three months after the end of its fiscal year, have an audit
performed covering its financial transactions for such fiscal year according to
the specifications of the Auditor of Public Accounts and file with the Auditor
of Public Accounts a copy of the report, unless exempted in accordance with
subsection B.
			The Auditor of Public Accounts shall receive such reports required by this
subsection and keep the same as public records for a period of 10 years from
their receipt.

B. No audit, however, shall be required for any fiscal year during which such
entity&#8217;s financial transactions did not exceed the sum of $25,000.
			As used in this section, &#8220;financial transactions&#8221; shall not
include financial transactions involving notes, bonds, or other evidences of
indebtedness of such entity the proceeds of which are held or advanced by a
corporate trustee or other financial institution and not received or disbursed
directly by such entity.
			In the event an audit is not required, the entity shall file a statement
under oath certifying that the transactions did not exceed such sum and, as to
all transactions involving notes, bonds, or other evidences of indebtedness that
are exempted, the statement shall be accompanied by an affidavit from the
trustee or financial institution certifying that it has performed the duties
required under the agreement governing such transactions. Notwithstanding the
foregoing, the Auditor of Public Accounts may require an audit if he deems it to
be necessary to determine the propriety of the entity&#8217;s financial
transactions.
			In the case of a water and sewer authority required by a governing body to
have an audit conducted as specified in &#xA7; 15.2-5145, the authority shall
file the certified audit with the Auditor of Public Accounts.
			At the time the report required by this section is filed with the Auditor of
Public Accounts every such authority, commission, district, or other political
subdivision, except those exempted from the audit report requirement, shall
publish, in a newspaper of general circulation in the county, city, or town
wherein the authority, commission, district, or other political subdivision is
located, a reference to where a detailed statement reflecting the financial
condition of the authority, commission, district, or other political subdivision
may be found.
			Any provision of law, general or special, which by its terms requires an
audit that is not required by this section shall be repealed to the extent of
any conflict.

HISTORY: 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; 2014, c. 509;
2021, Sp. Sess. I, c. 127; 2024, cc. 225, 242.