                                 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.