Bill > SB975

This bill modifies reporting requirements for financial statements in Pennsylvania boroughs and cities, primarily changing the deadline for completing and filing annual financial reports from 90 days after the fiscal year's end to June 30th of each year. The bill amends sections of Title 8 (Boroughs and Incorporated Towns) and Title 11 (Cities) of the Pennsylvania Consolidated Statutes, requiring that auditors complete their annual financial audit before June 30th and publish a concise summary of financial information in a local newspaper, including total assets, liabilities, net position, revenue, and expenses. The chief fiscal officer must now present the financial report to the city council in June instead of April and file a detailed report with the Department of Community and Economic Development by the last day of June. Failure to file the report on time can result in a summary offense for auditors or a daily fine of $5 for chief fiscal officers, with all fines going to the Commonwealth. The changes aim to standardize and potentially expedite financial reporting for local government entities.

Budget and Finance, Government Affairs

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=S&type=B&bn=975