This bill proposes several updates to section 35-131 of the Arizona Revised Statutes regarding accounting reports. It introduces new requirements for organizations included in the state's reporting entity to submit accurate and complete final financial statements and federal expenditure information to the Department of Administration. Specifically, it mandates that these submissions meet financial reporting and federal single audit requirements and deadlines. Additionally, the bill establishes penalties for late submissions, with a maximum penalty of $8,000,000 or one percent of the organization's state general fund appropriation, whichever is less.

Furthermore, the bill includes provisions for annual adjustments to the maximum penalty amounts based on changes in the state general fund for legislative appropriations, as determined by the Economic Estimates Commission. This ensures that the penalties remain relevant and proportional to the state's financial context. Overall, the bill aims to enhance accountability and compliance among organizations handling state and federal funds.

Statutes affected:
Introduced Version: 35-131