CS/CS/HB 1019 – Financial Reporting Summary

• Changes Legislative Auditing Committee authority from discretionary ("may") to mandatory ("shall") to schedule hearings for governmental entities failing to comply with financial audit requirements.

• Requires county, municipality, and special district budget officers to electronically submit final budget information to the Office of Economic and Demographic Research within 30 days of adoption, beginning in fiscal year 2018-2019.

• Mandates posting of adopted final budgets on official websites for minimum of 2 years and adopted budget amendments for minimum of 2 years.

• Establishes penalty requiring clerk of court to suspend salary payments for heads of local governmental entities and district school superintendents who fail to timely submit required financial information.

• Requires municipalities and special districts to have annual financial audits beginning in fiscal year 2018-2019; expands audit requirements to Department of Financial Services posting annual reports on its website within 12 months after fiscal year end.