SF0038

Bill Summary - 24LSO-0235 Bill No.: SF0038 Effective: 7/1/2024 LSO No.: 24LSO-0235 Enrolled Act No.: SEA No. 0016 Chapter No.: 48 Prime Sponsor: Management Audit Committee Catch Title: Financial reporting amendments-2. Has Report: Yes Subject: Penalties for cities, towns and counties who fail to comply with Department of Audit financial reporting requirements. Summary/Major Elements: Amends which funds will be withheld from cities, towns and counties for failing to comply with Department of Audit financial reporting requirements. Prior to this act, the State Treasurer was required to withhold annual distributions and state agencies were required to withhold grant and loan payments to noncompliant cities, towns and counties. This bill requires the Department of Revenue to withhold monthly sales, use and lodging tax distributions for noncompliance. The bill defines good cause for extending financial reporting deadlines. The bill requires the Department of Revenue to report monthly to the Department of Audit, the Legislature and the noncompliant county, city or town the amount of disbursements withheld. County treasurers are currently required to withhold funds from special districts and entities for failing to comply with the Department of Audit reporting requirements. This bill requires county treasurers to report monthly to the Department of Audit, the Legislature and the noncompliant district or entity the amount of funds withheld. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.