                                 CODE OF VIRGINIA

FORMS OF ACCOUNTS AND RECORDS; ANNUAL REPORT (§ 62.1-139)

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 governmental generally accepted accounting principles. Such accounts shall
correspond as nearly as possible to the accounts and records for such matters
maintained by enterprises.

B. The accounts of the Authority shall be audited annually by a certified public
accounting firm selected by the Auditor of Public Accounts with the assistance
of the Authority through a process of competitive negotiation. The cost of such
audit and review shall be borne by the Authority.

C. The General Assembly may request the Auditor of Public Accounts to conduct
audits at any time.

D. The Authority shall submit an annual report to the Governor and General
Assembly on or before November 1 of each year. Such report shall contain the
audited annual financial statements of the Authority for the year ending the
preceding June 30.

E. The Authority shall submit a detailed annual operating plan and budget to the
Secretary of Transportation and the Director of the Department of Planning and
Budget by November 1 of each year. Notwithstanding any other provision of this
chapter, the form and content of the operating plan and budget shall be
determined by the Director of the Department of Planning and Budget and shall
include information on salaries, expenditures, indebtedness, and other
information as determined by the Director of the Department of Planning and
Budget.

F. The Board of Commissioners, the General Assembly, or the Governor may at any
time request that the Office of the Inspector General, created pursuant to
&#xA7; 2.2-308, review any area of the Authority&#8217;s finances or operations.

HISTORY: Code 1950, § 62-106.11; 1954, c. 667; 1968, c. 659; 1984, c. 734;
1985, c. 146; 2004, c. 650; 2012, cc. 846, 849; 2013, cc. 762, 794.