HB 1418
Changes the laws regarding audits of transportation development districts
Sponsor:
LR Number:
4227H.03T
Committee:
Last Action:
6/29/2016 - Signed by Governor
Journal Page:
S3698
Title:
HCS HB 1418
Calendar Position:
Effective Date:
August 28, 2016
House Handler:

Current Bill Summary

HCS/HB 1418 - This act requires the State Auditor to report to the Department of Revenue any transportation development district that fails to submit an annual financial statement. Upon notification from the Auditor, the Department shall notify the non-compliant district by certified mail that it has 30 days from the postmarked date to submit the required financial statement to the Auditor. If the statement is not received by the Auditor within the 30 day period, the district will be fined $500 per day beginning on the thirty-first day from the postmarked date and will continue until the Auditor receives a copy of the financial statement. The Department may collect the fine by offsetting any sales or use tax distributions due to the district and the revenues from the fines shall be distributed annually to the schools of the county, except the Department shall retain 2% for the costs of collection. Any district with gross revenues of less than $5,000 in the fiscal year for which the financial statement was not timely filed shall not be subject to fines authorized in the act.

Additionally, any district previously organized shall notify the Auditor in writing of the date it was organized and provide contact information for the current board by December 31, 2016. Any district organized after August 28, 2016, shall notify the Auditor of the same within 30 days of the date of the first meeting of the board. Audits performed by the Auditor shall be paid by the district, except the costs shall not exceed 3% of gross revenues of the district. Any remaining costs shall be absorbed by the Auditor's office.

KAYLA HAHN

Amendments