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H 3063 - Requires funds to pay for an audit be included in a municipality's annual budget

Tracking Level: Of Interest
Sponsor: Stephen Goldfinch (R)
Last Action: 1/15/2015 - House - Member(s) request name added as sponsor: Pitts
House Committee:
Assigned To:
General GovernanceNext Bill

Staff Analysis of the Legislation

Summary of the bill as introduced: Requires funds to pay for an audit be included in a municipality's annual budget and if that audit is not filed with the state treasurer within 13 months of the end of the audit year, the state payments to that municipality are suspended.

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Session 121 - (2015-2016)Printer Friendly
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H 3063 General Bill, By Goldfinch and Pitts
Summary: Annual financial audit of a municipality
    A BILL TO AMEND SECTION 5-7-240, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT FOR AN ANNUAL FINANCIAL AUDIT OF THE FINANCES OF A MUNICIPALITY, SO AS TO REQUIRE THAT FUNDS FOR THE AUDIT MUST BE INCLUDED IN THE MUNICIPALITY'S ANNUAL BUDGET, TO PROVIDE THAT IF A COPY OF THE ANNUAL FINANCIAL AUDIT IS NOT FILED WITH THE STATE TREASURER WITHIN THIRTEEN MONTHS OF THE END OF THE AUDIT YEAR, THAT STATE PAYMENTS TO THE MUNICIPALITY MUST BE SUSPENDED, TO REQUIRE ADDITIONAL FORENSIC AUDITS IN THE CASE OF A SUSPENSION OF STATE PAYMENTS, AND TO PROVIDE THAT IF THE DELINQUENT AUDIT AND THE FORENSIC AUDITS ARE NOT FILED WITHIN THIRTEEN MONTHS OF THE BEGINNING OF THE STATE PAYMENTS SUSPENSION, THE MUNICIPALITY'S CERTIFICATE OF INCORPORATION MUST BE CANCELED BY THE SECRETARY OF STATE.
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12/11/14House Prefiled
12/11/14House Referred to Committee on Ways and Means
01/13/15House Introduced and read first time (House Journal-page 80)
01/13/15House Referred to Committee on Ways and Means (House Journal-page 80)
01/15/15House Member(s) request name added as sponsor: Pitts



Legislative Services Agency
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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