The bill addresses the delay in submitting the Statutory Basis Financial Report (SBFR) for Fiscal Year 2025, which was due by October 31. The Comptroller, William McNamara, has indicated that the deadline was missed because the supplementary budget for Fiscal Year 2025 has not yet been enacted. He emphasizes the importance of timely reporting, particularly for the Annual Comprehensive Financial Report (ACFR) and the federal Single Audit, as delays could lead to the federal government withholding funds.

The Comptroller urges the immediate enactment of the Fiscal Year closeout supplementary budget to facilitate the completion of necessary reporting and audit processes. He notes that the Commonwealth is currently four months past the June 30 year-end, and the ability to produce required reports in a timely manner is crucial for maintaining federal funding and compliance with established requirements.