ID H0184

Amends Section 67-450B, Idaho Code, to revise financial audit requirements for local governmental entities based on annual expenditure thresholds.

Local governmental entities with annual expenditures exceeding $250,000 must undergo a full and complete audit each fiscal year.

Entities with annual expenditures between $150,000 and $250,000 may elect to have audits conducted annually or on a biennial basis, with the option to continue biennial audits if first-year expenditures do not exceed $250,000.

Entities with annual expenditures not exceeding $150,000 have no minimum audit requirements under state law.

Federal audit requirements for entities receiving federal assistance supersede the minimum state audit requirements.