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Committee adopts language requiring quarterly financial reports from boards and raises corrective-action threshold
Summary
Committee accepted language aligning reporting requirements in an appropriation bill to recently passed policy, adding quarterly reporting of revenue and expenses for each of 45 boards and raising the fund-balance corrective-action threshold from 25% to 50%.
Committee members unanimously agreed by unanimous consent to add language aligning appropriation reporting to recently passed policy (House Bill 152). The language requires quarterly reporting of expenses and revenues for each of the state's 45 boards and commissions to Legislative Services Office (LSO) and the related board or commission.
Budget staff said the language increases the threshold that triggers a required corrective-action plan from 25% to 50% of an individual fund's balance, following a recommendation from the Legislative Audits Division. The committee granted unanimous consent to accept the language as shown on the screen; no roll-call objections were recorded.
The adopted language will be incorporated in the related appropriation and move forward with the committee's actions on that measure.
