AN ACT relating to the fiscal reporting of local entities.

Summary

The bill amends Kentucky's financial reporting law to require special purpose governmental entities to prepare annual financial statements and undergo audits or attestations on a schedule tied to their revenue or expenditures. Smaller entities need only a statement and a four‑year attestation, mid‑size entities get a four‑year audit, and larger entities must be audited every year, with the option to move to a less‑frequent schedule after two consecutive clean audits. The changes aim to improve transparency and consistency in how these entities report their finances.

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