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MS HB1515

Bill

Official Source

Status

Failed

2/3/2026

Primary Sponsor

Cheikh Taylor

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Municipalities with a population of 3,000 or less may prepare an annual compilation report and compliance letter instead of a full annual audit when the audit would cause financial hardship
  • The State Auditor must approve the accountant or auditor preparing the compilation report, and the report must follow a State Auditor-prescribed format
  • State funds will cover the cost of preparing the compilation report and compliance letter for qualifying small municipalities
  • Municipalities that fail to comply with audit requirements face withholding of 150% of audit costs from state allocations, with funds transferred to the State Auditor to contract for the required audit
  • Effective date is July 1, 2026

Legislative Description

Municipal annual audits; authorize certain small municipalities to prepare annual compilation report in lieu of audit.

Last Action

Died In Committee

2/3/2026

Committee Referrals

Municipalities1/19/2026

Full Bill Text

No bill text available