This bill amends Titles 8 and 11 of the Pennsylvania Consolidated Statutes, focusing on the completion, filing, and publication of auditor's reports and financial statements for boroughs and cities. Key changes include the requirement for auditors to complete their annual audits by June 30, rather than as soon as possible after the fiscal year ends. Additionally, the deadline for filing the auditor's report has been changed to the last day of June each year, replacing the previous 90-day requirement after the fiscal year closes. The bill also mandates that the chief fiscal officer of a city must present a verified report of public accounts to the council in June, instead of April, and file the financial condition report with the Department of Community and Economic Development by the last day of June.

Furthermore, the bill stipulates that concise financial information must be published in a newspaper of general circulation, providing details on total assets, liabilities, and net position, as well as revenue and expenses for the fiscal year. If the full financial statements are not published, copies must be provided to the newspaper upon request. Penalties for failing to file reports on time are also outlined, with a summary offense for auditors or chief fiscal officers who neglect their duties. The act is set to take effect immediately upon passage.

Statutes/Laws affected:
Printer's No. 2198 (Aug 10, 2025): 8-1059.1(a), 8-1)