The bill, introduced by Representative Thomas, proposes significant amendments to various sections of the Revised Code concerning the Auditor of State, public officials, and financial management practices. Key changes include the deletion of the requirement for public officials to obtain assurances from financial institutions regarding the proper maintenance of records. In its place, the bill introduces provisions that mandate services contracted by public officials to be subject to audit by the Auditor of State, thereby enhancing accountability. Additionally, it requires public offices to file annual financial reports with specific deadlines and penalties for late submissions, and establishes a training program for newly elected local officials to improve their understanding of government accounting and budgeting.

The bill also addresses procurement processes for regional transit authorities, allowing contracts under $100,000 to be made without competitive bidding while requiring competitive procedures for larger expenditures. It modifies definitions related to competitive bidding and introduces continuing education requirements for county recorders, auditors, and township fiscal officers. Furthermore, the bill updates the dissolution criteria for villages, alters the management of school district finances, and streamlines operational procedures for public entities such as library boards and health boards. Notably, it repeals several sections of the Revised Code, indicating a shift in the legal framework governing these processes to reflect current practices and enhance financial accountability across various public sectors.

Statutes affected:
As Introduced: 9.35, 117.11, 117.38, 117.44, 127.16, 149.10, 149.30, 169.13, 306.43, 307.86, 308.13, 317.06, 317.20, 319.04, 321.03, 501.09, 501.11, 507.12, 703.34, 731.14, 731.141, 733.81, 735.05, 749.31, 1533.13, 3313.27, 3314.011, 3315.18, 3315.181, 3317.035, 3318.48, 3328.16, 3375.39, 3375.92, 3381.11, 3709.15, 3717.071, 5117.12, 5310.06, 5705.12, 5705.121, 5923.30, 6101.55, 117.113, 117.251, 117.441, 117.51, 501.03, 3314.50, 4115.31, 4115.32, 4115.33, 4115.34, 4115.35, 4115.36