CO SB023

Local governments with revenues and expenditures not exceeding $200,000 may be exempt from audit requirements for fiscal years beginning January 1, 2025, up from the previous $100,000 threshold.

Local governments with revenues or expenditures between $200,000 and $1 million may qualify for audit exemption with state auditor approval, up from the previous $100,000-$750,000 range.

All exemptions require approval from the state auditor.

Effective 90 days after final adjournment of the general assembly, subject to potential referendum.