FISCAL NOTE

House Bill 256 as passed the House of Representatives revises the current annual audit requirements for municipalities to provide that certain municipalities may submit biennial audits or an annual financial report, in lieu of an audit. These provisions could decrease the obligations of those municipalities by an undetermined amount dependent on the difference in (1) the cost to perform the binennial audit or financial report pursuant to this bill and (2) the cost to otherwise conduct an annual audit as currently provided by law.