Under existing law, a municipality with annual expenditures of at least $300,000 must undergo annual audits. This bill would require a municipality with annual expenditures of at least $500,000 to undergo annual audits. Under existing law, a municipality with annual expenditures less than $300,000 but at least $100,00 must undergo biennial audits. This bill would require a municipality with annual expenditures less than $500,000 but greater than $300,000 to undergo biennial audits. Under existing law, a municipality with annual expenditures less than $100,000 must undergo a biennial audit or, in lieu of an audit, submit an annual report to the Department of Examiners of Public Accounts. This bill would require a municipality with annual expenditures less than $300,000 to undergo a biennial audit or, in lieu of an audit, to submit an annual report to the Department of Examiners of Public Accounts.

Statutes affected:
Introduced: 11-43-85