The bill amends the Revised Municipal Finance Act by updating the requirements for municipalities regarding the filing of audit reports and qualifying statements. Municipalities are now required to file their audit reports not later than 6 months after the end of their fiscal year, and the accompanying qualifying statement must be certified by the chief administrative officer. The bill also specifies that if the department does not notify the municipality of compliance within 30 business days after receiving the qualifying statement, the municipality may proceed to issue municipal securities without further approval until the next qualifying statement is due. Additionally, the bill introduces new compliance requirements for municipalities to qualify for issuing municipal securities without prior approval, including stipulations related to financial stability and compliance with various fiscal accountability acts.

Furthermore, the bill modifies the filing fees associated with the issuance of municipal securities, increasing the minimum and maximum fees and introducing an inflation adjustment mechanism for these fees starting January 1, 2026. It also establishes a late fee for qualifying statements received more than 6 months after the end of the fiscal year. The amendments aim to streamline the process for municipalities while ensuring they maintain financial accountability and compliance with state regulations.

Statutes affected:
Senate Introduced Bill: 141.2303, 141.2319