Bill > SB2130

This bill modifies existing Oklahoma law regarding annual financial statement audits for cities and towns, aiming to provide certain exemptions. Specifically, it clarifies that grant monies received by a municipality from any governmental entity, and income from public trusts where the municipality is a beneficiary (unless the trust primarily operates utilities), should not be counted towards the revenue threshold that triggers the requirement for an audit. Furthermore, it introduces an exemption for municipalities with less than $50,000 in total revenue and a population under 500, stating they are not required to prepare an audit or agreed-upon-procedures engagement solely to be eligible for a grant. The bill also specifies an effective date of November 1, 2026.

Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2130&Session=2600