Bill > HB292

This bill, effective July 1, 2027, amends Kentucky Revised Statutes (KRS) to adjust financial reporting and audit requirements for special purpose governmental entities (SPGEs), which are independent agencies or authorities created to provide specific public services. The bill increases the financial thresholds that trigger these requirements, meaning SPGEs with lower annual receipts or expenditures will have less stringent audit and financial statement obligations. Specifically, the threshold for requiring an annual financial statement and a quadrennial attestation engagement (a type of financial review) is raised from $100,000 to $150,000 in annual receipts or expenditures. Similarly, the thresholds for requiring more frequent independent audits are also increased. The bill also adds "911 emergency services" to the list of public services that SPGEs can provide, and it raises the financial responsibility thresholds for fire departments, aligning them with the new SPGE requirements. The Department for Local Government (DLG) is responsible for overseeing these requirements and can issue regulations to implement them.

Government Affairs

https://apps.legislature.ky.gov/record/26RS/hb292.html