SB 175 Summary

• Expands Auditors of Public Accounts' authority to report unauthorized, illegal, or irregular handling of state and quasi-public agency funds; allows auditors to delay reporting if an investigation is pending, with immediate notification to the Attorney General.

• Requires state agencies and quasi-public agencies to promptly notify the Auditors of Public Accounts and Comptroller of unauthorized expenditures, security breaches, safekeeping breakdowns, and contemplated violations.

• Raises audit threshold for foundations from $100,000 to $250,000 in annual receipts and earnings; requires audits be completed within six months and mandates disclosure of any public fund violations.

• Changes Auditors of Public Accounts' Bradley Enterprise Fund audit schedule from annual to biennial.

• Restricts state agencies and quasi-public agencies from making payments exceeding $50,000 to resigning or retiring employees to avoid litigation costs or enforce nondisparagement agreements, unless authorized by the Governor or Attorney General settlement.