Bill > SB023

This bill modifies the audit exemption thresholds for local governments in Colorado. Currently, local governments with annual revenues or expenditures under $100,000 can be exempt from certain audit requirements. The bill changes these thresholds, creating different rules for fiscal years before and after January 1, 2025. Starting in 2025, local governments with annual revenues or expenditures between $200,000 and $1 million may be exempt from audit requirements, compared to the previous range of $100,000 to $750,000. To receive an exemption, local governments must still obtain approval from the state auditor. The bill essentially raises the financial threshold for smaller local governments to qualify for an audit exemption, potentially reducing the administrative burden on local government entities with modest budgets. The legislation will take effect after the standard 90-day legislative period, with a provision for potential voter approval in November 2026 if a referendum petition is filed.

Housing and Urban Affairs

https://leg.colorado.gov/bills/sb25-023