Honorable Paul Bettencourt, Chair, Senate Committee on Local Government
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB1851 by Nichols (Relating to the penalty for noncompliance with certain audit requirements by a municipality.), As Introduced
No significant fiscal implication to the State is anticipated.
It is assumed that any costs associated with the bill could be absorbed using existing resources.
Local Government Impact
There could be an impact on a municipality if the attorney general determines the municipality has not met applicable audit and financial statement requirements. The municipality would be unable to adopt an ad valorem tax that exceeds the municipality's no-new-revenue tax rate.
Source Agencies:
302 Office of the Attorney General, 304 Comptroller of Public Accounts