DIGEST OF INTRODUCED BILL
Oversight of public money. Makes the following changes: (1) Provides that instrumentalities of a municipality, local economic development organizations, and certain nonprofit corporations and charitable trusts (municipal benefit entity) are subject to audit by the state board of accounts. (2) Permits a municipal benefit entity that receives public money to substitute an audit by the state board of accounts with a private examiner approved by the state board of accounts. (3) Requires a municipal benefit entity to submit an annual statement of accounts to a municipality contributing public money to the municipal benefit entity. (4) Makes a board member or chief governing officer of a municipal benefit entity personally responsible for recovering and making restitution for unlawful use of or expenditures from public money. (5) Requires salaries and expense reimbursement to board members or the chief governing officer of a municipal benefit entity to be reasonable. (6) Permits the fiscal body of a municipality to limit the amount of public money that may be used to pay the salaries and expenses of a municipal benefit entity's board or governing officer to the amount determined reasonable by the fiscal body.