WILLIAM DONALD SCHAEFER, Governor Ch. 603

(3)  Include the following financial statements:

(i) Balance sheet;

(ii) Statement of revenues;

(iii) Statement of expenditures and
encumbrances; and

(iv) Statement of changes in fund balance.

(4)  Be completed and filed with the appropriate
county officials not later than 90 days following the close of
the fiscal year.

(d)  For a special district CREATED BY AND SITUATED WITHIN
THE COUNTY with annual expenditures of less than $50,000, the
county shall require annual financial reports and shall require
an audit every 4 years, unless the county determines, on a
case-by-case basis, that more frequent audits are required.

(e)  If a special district subject to subsections (b) or (d)
of this section does not submit a financial report or audit
report as required by the county, the county may withhold the
distributions of taxes imposed on behalf of the special district
until the financial report and/or audit report is received.

(f)   [A copy of each audit under subsections (b) and (c) of
this section shall accompany the uniform financial report
required to be submitted by the county to the Department of
Fiscal Services.] AT THE TIME IT FORWARDS ITS AUDIT REPORT TO THE
LEGISLATIVE AUDITOR, THE COUNTY ALSO SHALL FORWARD COPIES OF ALL
AUDIT REPORTS AND FINANCIAL REPORTS RECEIVED FROM THE SPECIAL
DISTRICTS SUBJECT TO THE SUBSECTIONS (B) OR (D) OF THIS SECTION,
TOGETHER WITH A STATEMENT PERTAINING TO THE COUNTY'S REVIEW OF
THE REPORTS ON THE FORM OR FORMS AND IN THE MANNER THE
LEGISLATIVE AUDITOR PRESCRIBES SEPARATE REPORT TO THE LEGISLATIVE
AUDITOR ON THE RESULTS OF THE COUNTY'S REVIEW OF EACH DISTRICT'S
COMPLIANCE WITH THE PROVISIONS OF SUBSECTIONS (B) THROUGH (E) OF
THIS SECTION. THE LEGISLATIVE AUDITOR SHALL REVIEW THE AUDIT
REPORTS AND INFORMATION RECEIVED FROM THE COUNTY AND SUBMIT
RECOMMENDATIONS AS APPROPRIATE BASED ON THE RESULTS OF THE
REVIEW.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 27, 1988.

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