Bill > SB2894

This bill requires that any unexpended funds and any earned interest from local improvement projects, originally disbursed under specific appropriation authorities, must be returned to the Capital Expense Fund (Fund No. 6499C00000) by the responsible entity within 30 days of the project's completion or three years after the project's governing memorandum of understanding (MOU) was executed, with a possible six-month extension. If an entity fails to return these funds, the Department of Finance and Administration will notify the State Auditor, who can then issue a certificate of noncompliance. This certificate allows the Department of Revenue to withhold 10% of future payments and allocations to that county or municipality until the owed funds are returned to the Capital Expense Fund. The bill also amends existing laws to ensure these provisions are consistent and to establish reporting requirements for entities receiving these funds, including biannual or quarterly reports to the Legislative Budget Office and the State Auditor regarding project status and unexpended balances.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2894.xml