HB 384 Summary

• Allows the Auditor of State to conduct performance audits of state institutions of higher education as one of the four required biennial performance audits, with academic performance excluded from review scope.

• Establishes cost caps for university audits based on full-time equivalent enrollment: $125,000 for institutions with 5,000 or fewer students; $250,000 for 5,000-30,000 students; $350,000 for over 30,000 students.

• Requires audited agencies and institutions to implement audit recommendations within specified timelines and file reports with state leadership explaining any delays or non-implementation.

• Creates the Leverage for Efficiency, Accountability, and Performance Fund to provide loans to entities conducting performance audits, with interest accrual based on state treasury asset reserve fund rates.

• Makes various technical amendments to tax law sections relating to financial institutions, utilities, and sales tax, and adjusts appropriations for capital and operating funds across multiple state departments.