MD SB962

Municipalities with annual revenues less than $100,000 are exempt from the mandatory annual financial audit requirement for that fiscal year

Exempt municipalities must still file a financial report with the Department of Legislative Services as required under § 16-304

The Joint Audit and Evaluation Committee may request or require an exempt municipality to conduct a review or audit if its financial report indicates irregularities or concerns

The exemption is separate from existing law allowing municipalities with revenues under $250,000 over four fiscal years to audit only once every four years

Effective July 1, 2025