This bill amends and reenacts R.S. 24:513(J)(1)(c)(iii) and enacts R.S. 24:513(J)(1)(c)(v) to update the powers and duties of the legislative auditor concerning local auditees. The amendment changes the threshold for local auditees required to conduct annual reviews of their financial statements from "five hundred thousand dollars" to a new threshold amount that will be defined in subsequent items. Additionally, it introduces a new provision that mandates any local auditee in a parish with a population between twenty thousand two hundred and twenty-one thousand, which receives six hundred thousand dollars or more in revenues in a fiscal year, to undergo an annual audit.

Furthermore, the bill establishes a mechanism for adjusting the audit threshold amount based on the Consumer Price Index (CPI). Starting July 1, 2027, and annually thereafter, if there is an increase in the unadjusted CPI, the audit threshold will be increased by the same percentage, rounded to the nearest dollar. This adjustment aims to ensure that the audit requirements remain relevant and reflective of economic changes over time.

Statutes affected:
HB1045 Original: 24:513(J)(1)
HB1045 Engrossed: 24:513(J)(1)
HB1045 Enrolled: 24:513(J)(1)
HB1045 Act 591: 24:513(J)(1)