Senate Bill 0246
DIGEST OF SB246 (Updated February 20, 2007 3:16 pm - DI 84)
Oversight of public money. Provides that the gaming commission has continuous jurisdiction over riverboat economic development agreements and incentive payments, regardless of the date of the development agreement. Establishes reporting requirements for the recipients of incentive payments under the agreements. Provides that: (1) a contributing municipality shall after June 30, 2007, contractually require, as a condition of providing public money to a municipal benefit entity that is not required to be audited annually by the state board of accounts, that the municipal benefit entity must be audited by an independent accounting firm acceptable to the contributing municipality; (2) a municipal benefit entity must provide the results of an independent audit to the contributing municipality and, in the case of a municipal benefit entity that receives money under a gaming development agreement, to the Indiana gaming commission; (3) a municipal benefit entity shall pay the costs of an independent audit; and (4) the providing of an independent audit by a municipal benefit entity does not result in the municipal benefit entity being considered a public agency for purposes of the open door law or the public records law. Provides that a contributing municipality shall after June 30, 2007, contractually require, as a condition of providing public money to a municipal benefit entity, that the members of the governing body or chief executive officer of the municipal benefit entity shall annually file a verified written certification with each contributing municipality stating that a written statement of accounts has been prepared. Requires the fiscal body of a contributing municipality to review the amount of public money attributable to: (1) the municipality; (2) an agreement entered into by the municipality; or (3) an enterprise zone business; that is used as compensation to or reimbursement of expenditures of a member of the governing body or chief executive officer of a municipal benefit entity. Provides that examinations of public entities by the state board of accounts shall be conducted on a schedule determined by the board, except as specifically required by state law. (Current law requires certain entities to be examined on an annual basis and other entities to be examined on a biennial basis.) Specifies that examinations of certain entities must be conducted at least biennially.
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