MO HB1261

Requires transportation development districts to notify the state auditor upon establishment and submit annual financial reports by specified deadlines.

Imposes a fine not to exceed $500 per day on transportation development districts that fail to timely submit annual financial statements to the state auditor, with fines collected by the department of revenue and distributed to county schools.

Limits state auditor audits of transportation development districts to once every three years, with audit costs capped at the greater of 3% of gross revenues or 3% of expenditures.

Establishes separate provisions for petition audits of transportation development districts, requiring the district to pay all expenses with costs capped at the greater of 3% of gross revenues or 3% of expenditures, and depositing funds into the petition audit revolving trust fund.

Provides immunity from civil or criminal liability under section 32.057 for anyone complying with the financial reporting requirements.