Tennessee SB0115 mandates timely municipal audits and imposes penalties for late submissions.

Tennessee SB0115 amends municipal audit requirements, stipulating that all audits must be completed and submitted to the comptroller of the treasury within six months after the fiscal year's end. The audit preparer must provide copies to the mayor, chief executive officer, governing body members, and the comptroller, with additional copies made available to the press. Municipalities with two or more late audits face penalties, including a reduction in sales tax revenue distributed by the state, up to 15% of the total amount due, until compliance is achieved.

Tennessee SB0115 mandates timely municipal audits and imposes penalties for late submissions.

Tennessee SB0115 amends municipal audit requirements, stipulating that all audits must be completed and submitted to the comptroller of the treasury within six months after the fiscal year's end. The audit preparer must provide copies to the mayor, chief executive officer, governing body members, and the comptroller, with additional copies made available to the press. Municipalities with two or more late audits face penalties, including a reduction in sales tax revenue distributed by the state, up to 15% of the total amount due, until compliance is achieved.