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ID S1265
Bill
Status
2/16/2024
Primary Sponsor
Local Government and Taxation Committee
Click for details
AI Summary
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Increases the expenditure threshold requiring a full annual audit for local governmental entities from $250,000 to $300,000 in annual expenditures from all sources.
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Raises the expenditure threshold for entities eligible to choose between annual or biennial audits from $150,000-$250,000 to $200,000-$300,000.
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Increases the expenditure threshold for entities with no minimum audit requirement from $150,000 to $200,000.
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Declares the act an emergency measure and makes it effective July 1, 2024.
Legislative Description
Amends existing law to revise provisions regarding the minimum requirements for an audit.
AUDITS OF LOCAL GOVERNMENTAL ENTITIES
Last Action
Read First Time, Referred to Revenue & Taxation
2/19/2024