The bill addresses the delay in the submission of the Statutory Basis Financial Report (SBFR) for the Commonwealth of Massachusetts, which is required to be submitted by October 31 each year. The Comptroller, William McNamara, has reported that the deadline has been missed due to the pending enactment of the Fiscal Year 2025 closeout supplementary budget. He emphasizes the importance of timely reporting, as delays in the Annual Comprehensive Financial Report (ACFR) and the federal Single Audit could lead to serious consequences, including the potential withholding of federal funds.

The bill urges the immediate enactment of the Fiscal Year closeout supplementary budget to facilitate the completion of necessary reporting and audit processes. The Comptroller highlights that the Commonwealth is currently four months past the June 30 year-end, and timely compliance with federal requirements is crucial to maintain funding and avoid further complications.