SB3610

SB3610 modifies the Governmental Account Audit Act to adjust the revenue threshold for audit requirements.

SB3610 amends the Governmental Account Audit Act to change the revenue threshold for audit requirements. Beginning in fiscal year 2027, governmental units receiving revenue of less than $1,500,000 in the preceding fiscal year must file an annual financial report with the Comptroller instead of undergoing an annual audit. These units can either submit a report containing required information or provide a report to their board of elected officials, approved by a 3/5 majority vote.