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2014 SESSION

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HB 1075 Political subdivisions, certain; audits.

Introduced by: S. Chris Jones | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Audits of certain political subdivisions. Provides that no audit shall be required for certain political subdivisions, the members of whose governing body are not elected by popular vote, for any fiscal year during which such entity's financial transactions did not exceed the sum of $25,000. The current threshold is $5,000.

SUMMARY AS INTRODUCED:

Audits of certain political subdivisions. Provides that certain audit requirements shall not apply to a town with a population of less than 3,500 that does not have a separate school division for any fiscal year during which such town's financial transactions did not exceed the sum of $25,000. However, the Auditor of Public Accounts may require an audit if he deems it to be necessary to determine the propriety of the entity's financial transactions. The bill also provides that no audit shall be required for certain political subdivisions, the members of whose governing body are not elected by popular vote, for any fiscal year during which such entity's financial transactions did not exceed the sum of $25,000. The current threshold is $5,000.