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S 1078 - Allows municipalities with less than $500,000 in total revenues to provide a compilation of financial statements

Tracking Level: Priority
Sponsor: Bradley Hutto (D)
Last Action: 2/17/2022 - Senate - Referred to Committee on Finance
Senate Committee: Fin
Assigned To:
Finance/Revenue/TaxesNext Bill

Staff Analysis of the Legislation
Summary of the bill as introduced: Allows municipalities with less than $500,000 in total revenues to provide a compilation of financial statements instead of a full audit.

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Session 124 - (2021-2022)Printer Friendly
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S 1078 General Bill, By Hutto and K. Johnson
Summary: Municipal Audit
    A BILL TO AMEND SECTION 5-7-240, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INDEPENDENT AUDITS OF MUNICIPAL FINANCIAL RECORDS AND TRANSACTIONS, SO AS TO ALLOW MUNICIPALITIES WITH LESS THAN $500,000 IN TOTAL REVENUES TO PROVIDE A COMPILATION OF FINANCIAL STATEMENTS; AND TO AMEND SECTION 14-1-208, RELATING TO MUNICIPAL COURT AUDITS, SO AS TO MAKE CONFORMING CHANGES.
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02/17/22Senate Introduced and read first time (Senate Journal-page 4)
02/17/22Senate Referred to Committee on Finance (Senate Journal-page 4)


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Municipal Association of South Carolina
1411 Gervais St., PO Box 12109, Columbia, SC 29211
Phone: 803.799.9574, Fax: 803.933.1299, mail@masc.sc