SB 25-023

Senate Bill 25-023 changes the rules for when small local governments in Colorado need to get their financial statements audited by the state. Now, if a local government's total yearly income and expenses are both $200,000 or less, they can ask for an exemption from this audit requirement, upping the previous limit of $100,000. Additionally, it allows exemptions for governments with either revenues or expenditures between $200,000 and $1,000,000, expanding on the earlier range of $100,000 to $750,000. This bill is now signed into law, meaning local governments can start applying these new thresholds immediately.

Official Summary

The act allows a local government to seek from the state auditor an exemption from the annual audit of its financial statements if the local government's total fiscal year revenues and expenditures are each less than or equal to $200,000, instead of less than $100,000 as was previously the case. The act also allows a local government to seek from the state auditor an exemption from the annual audit of its financial statements if either the local government's total fiscal year revenues or expenditures are at least $200,000 and not more than $1,000,000, instead of at least $100,000 and not more than $750,000 as was previously the case. (Note: This summary applies to this bill as enacted.)

Votes