AN ACT relating to local entities and declaring an emergency.

Summary

The bill updates state law so every city must keep its books in line with generally accepted governmental accounting principles, while cities with budgets under $15 million may use simpler cash or modified‑accrual methods. It requires most cities to have an annual audit, but lets very small or low‑budget cities audit every other year or be exempt, with only a financial statement and occasional attestation needed. The changes aim to improve transparency and reduce reporting burdens for the smallest municipalities.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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