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S.B. 503
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VETOES
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(b) Each county shall establish uniform rules and regulations for the
examination and auditing of the books, accounts, and records of every special taxing
district created by and situated within the county which:
(1) Is not subject to the provisions of subsection (a) of this section;
(2) Receives moneys which were collected by the county from a county
property tax levy imposed at the request of the special taxing district;
(3) Has annual expenditures of over $50,000; and
(4) Has moneys disbursed and expended by a person or body
independent of the county government.
(c) At a minimum, the rules and regulations required by subsection (b) of this
section shall provide for the examination and audit to:
(1) Be conducted by a certified public accountant in the capacity of either
an independent auditor or official auditor of the county who shall be in compliance
with the provisions of the Maryland Public Accountancy Act or by an auditing
committee approved by the official auditor of the county;
(2) Determine whether tax funds have been received, deposited and
disbursed in accordance with approved appropriations and State and local law;
(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; and
(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 subsection (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) At the time it forwards its audit report to the Legislative Auditor, the
county also shall forward copies of ail audit reports and financial reports received
from the special districts subject to subsection (b) or (d) of this section, together with
a 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
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- 3924 -
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