OK SB1483

Amends 74 O.S. 2011, Section 212 to specify that the State Treasurer and Oklahoma Tax Commission must prepare annual financial statements in accordance with Governmental Accounting Standards Board (GASB) reporting requirements

Requires the State Treasurer and Tax Commission to deliver annual financial statements to the State Auditor and Inspector within 90 calendar days after fiscal year close, with audits to be completed within 90 days thereafter

Modifies audit expense provisions so both the Tax Commission and Office of the State Treasurer share responsibility for audit costs from their respective appropriations, rather than the Tax Commission bearing all expenses

Creates new Section 71.3 of Title 62 to codify the "Oklahoma Local Government Investment Pool Act" to enable eligible governmental entities to invest public funds with the state

Effective July 1, 2012, with emergency clause declaring the act takes effect immediately upon passage and approval