The correspondence outlines the Comptroller's inability to submit the Statutory Basis Financial Report (SBFR) by the October 31 deadline due to delays in enacting the Fiscal Year 2025 closeout supplementary budget. The Comptroller emphasizes the importance of timely reporting for the Annual Comprehensive Financial Report (ACFR) and the federal Single Audit, noting that delays could lead to the federal government withholding funds. The letter stresses that the Commonwealth is currently four months past the fiscal year-end of June 30 and urges immediate action to enact the supplementary budget to facilitate the completion of necessary reporting and audit processes.

The Comptroller highlights that the deadlines for the ACFR and Single Audit are standard practices for states, which typically close their financial books shortly after the end of the fiscal year. The letter serves as a formal notification of the missed deadline and the potential consequences of continued delays, underscoring the need for prompt legislative action to ensure compliance with federal requirements and maintain funding.