OK HB3463

Municipalities with $50,000+ in total revenue and populations under 2,500 must submit annual financial statement audits (changed from biennial), with copies filed with the State Auditor and Inspector within 6 months after fiscal year close (reduced from 9 months)

Municipalities may alternatively request an agreed-upon-procedures engagement instead of a full audit, which must comply with American Institute of Certified Public Accountants attestation standards

Oklahoma Tax Commission must withhold monthly gasoline tax allocations from municipalities that fail to file required audit reports; if no report is filed within 2 years, withheld funds go to the State Auditor and Inspector's Special Investigative Unit Auditing Revolving Fund

Withheld funds from 2022 fiscal year audits shall be released to counties; funds withheld for 2023 fiscal year audits shall be released to the State Auditor and Inspector; funds withheld for 2024 audit failures shall be released after close of 2026 fiscal year

Act becomes effective July 1, 2026, with emergency provisions allowing immediate effect upon passage for portions addressing fund releases