HB414 Summary

• Raises the annual expenditure threshold for municipalities required to undergo annual audits from $300,000 to $500,000

• Requires municipalities with annual expenditures between $300,000 and $500,000 to undergo biennial audits instead of annual audits

• Expands the option to submit an annual report to the Department of Examiners of Public Accounts in lieu of a biennial audit to municipalities with expenditures under $300,000 (previously limited to those under $100,000)

• The effective date of these amendments is October 1, 2025