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Senate Bill 446

Senate Bill (S)

DIGEST

Local government financial reporting. Provides that certain political subdivisions may not issue bonds unless: (1) the political subdivision has filed required annual financial reports with the state board of accounts or (in the case of a school corporation) the department of education; and (2) the annual financial reports are prepared in accordance with all generally accepted accounting principles for financial accounting and reporting as established by the Governmental Accounting Standards Board. Provides that these requirements apply only as follows for school corporations: (1) After August 15, 2018, and before August 16, 2019, to a school corporation that has an average Local government financial reporting. Provides that certain political subdivisions may not issue bonds unless: (1) the political subdivision has filed required annual financial reports with the state board of accounts or (in the case of a school corporation) the department of education; and (2) the annual financial reports are prepared in accordance with all generally accepted accounting principles for financial accounting and reporting as established by the Governmental Accounting Standards Board. Provides that these requirements apply only as follows for school corporations: (1) After August 15, 2018, and before August 16, 2019, to a school corporation that has an average daily membership count (ADM) of greater than 25,000. (2) After August 15, 2019, to a school corporation that has an ADM of greater than 15,000. Provides that these requirements apply only as follows for counties and municipalities: (1) After June 30, 2016, and before July 1, 2018, to counties and municipalities with a population greater than 250,000. (2) After June 30, 2018, and before July 1, 2019, to a county with a population greater than 175,000 and to a municipality with a population greater than 100,000. (3) After June 30, 2019, to a county with a population greater than 100,000 and to a municipality with a population greater than 75,000. Provides that the state examiner may waive the requirement that the annual financial report comply with generally accepted accounting principles. ... View more