Kentucky SB192 amends municipal financial reporting requirements, allowing certain cities to opt for agreed-upon procedures engagements instead of.

Kentucky SB192 modifies the financial reporting obligations for cities. It allows cities that receive and expend less than $15 million annually and have no long-term debt to choose between an annual audit and an agreed-upon procedures engagement every other year. Cities must still submit financial statements annually. The bill also outlines procedures for cities that fail to meet audit deadlines, including potential fines and withholding of state funds.

Kentucky SB192 amends municipal financial reporting requirements, allowing certain cities to opt for agreed-upon procedures engagements instead of.

Kentucky SB192 modifies the financial reporting obligations for cities. It allows cities that receive and expend less than $15 million annually and have no long-term debt to choose between an annual audit and an agreed-upon procedures engagement every other year. Cities must still submit financial statements annually. The bill also outlines procedures for cities that fail to meet audit deadlines, including potential fines and withholding of state funds.