Bill Summary: SB 0949

• State treasurer must prescribe uniform charts of accounts for all local units conforming to governmental accounting standards board guidelines, with chief administrative officers ensuring compliance and presenting budgets that conform to the uniform chart.

• All local units must obtain annual audits of financial records completed within 150 days after fiscal year end; if a local unit fails to comply, the department of treasury shall perform or contract for the audit and charge the local unit for services.

• Local units are prohibited from adopting or operating under a deficit budget or incurring operating deficits for fiscal years ending after June 30, 2014; units with deficits must notify the state treasurer and submit a deficit elimination plan within 90 days.

• Chief administrative officers must present recommended budgets and proposed general appropriations acts that conform to uniform accounting standards; proposed general appropriations acts cannot adopt a recommended budget by reference and must list specific millage rates and appropriation amounts.

• State treasurer shall publish standard operating procedures and forms, and the department of education shall develop accounting procedures for school districts; both departments shall provide training programs to assist local units in compliance.