Section 50. Fiscal management

A. The agency administrator shall prepare an annual written budget of anticipated revenues and expenditures which shall be approved by the governing authority.

B. The agency administrator shall participate in budget reviews conducted by the governing authority.

C. Written procedures shall govern revisions to the budget.

D. Written procedure shall govern the handling and use of residents' money. This procedure shall comply with current community corrections operating procedures.

E. An annual independent financial audit of the agency shall be performed by a certified public accounting firm or a governmental auditing agency.

F. The agency administrator shall prepare and distribute the following documents to its governing authority and the Department of Corrections annually:

1. Annual budget;

2. Income and expenditure statements;

3. Funding source financial reports; and

4. Independent audit report.

G. Written fiscal policies and procedures, which are adopted by the governing authority shall include at a minimum:

1. Internal controls;

2. Petty cash;

3. Bonding;

4. Signature control on checks;

5. Resident funds;

6. Employee expense reimbursement; and

7. Accounting of income and expenditures.

H. The agency shall have insurance coverage which includes coverage for:

1. Physical plant;

2. Equipment;

3. Personal and property injury to employees, residents and third parties; and

4. Comprehensive general liability.

I. Written procedure shall govern vendor selection and purchasing and requisitioning of supplies and equipment.

J. There shall be written procedure for documenting and authorizing compensation to consultants.

Historical Notes

Derived from VR230-30-004:1 § 2.2, eff. July 1, 1993; amended, Volume 16, Issue 24, eff. September 17, 2000; Volume 25, Issue 03, eff. November 15, 2008.

Statutory Authority

§ 53.1-5 of the Code of Virginia.