                                 CODE OF VIRGINIA

FORMS OF ACCOUNTS AND RECORDS; AUDIT; ANNUAL REPORT (§ 4.1-613)

A. The accounts and records of the Authority showing the receipt and
disbursement of funds from whatever source derived shall be in a form prescribed
by the Auditor of Public Accounts. The Auditor of Public Accounts or his legally
authorized representatives shall annually examine the accounts and books of the
Authority. The Authority shall submit an annual report to the Governor and
General Assembly on or before December 15 of each year. Such report shall
contain the audited annual financial statements of the Authority for the year
ending the previous June 30. The Authority shall also submit a six-year plan
detailing its assumed revenue forecast, assumed operating costs, number of
retail facilities, capital costs, including lease payments, major acquisitions
of services and tangible or intangible property, any material changes to the
policies and procedures issued by the Authority related to procurement or
personnel, and any proposed marketing activities.

B. Notwithstanding any other provision of law, in exercising any power conferred
under this subtitle, the Authority may implement and maintain independent
payroll and nonpayroll disbursement systems. These systems and related
procedures shall be subject to review and approval by the State Comptroller.
Upon agreement with the State Comptroller, the Authority may report summary
level detail on both payroll and nonpayroll transactions to the State
Comptroller through the Department of Accounts&#8217; financial management
system or its successor system. Such reports shall be made in accordance with
policies, procedures, and directives as prescribed by the State Comptroller. A
nonpayroll disbursement system shall include all disbursements and expenditures,
other than payroll. Such disbursements and expenditures shall include travel
reimbursements, revenue refunds, disbursements for vendor payments, petty cash,
and interagency payments.

HISTORY: 2021, Sp. Sess. I, cc. 550, 551.