Audit

A 2025 state law prohibits cities from increasing their property tax revenue if they fail to produce a timely annual financial audit.

A state audit of the Houston-based HBCU that identified financial issues led the governor to direct state agencies to launch an investigation.

The commission also approved an audit for the financially troubled Winston-Salem/Forsyth County School District.

Missouri auditor Scott Fitzpatrick released an audit report on St. Louis Public Schools, finding the district will run out of funds in fiscal year 2031.

The negative outlook affects about $1.1 billion in combined GO and lease revenue debt, according to Fitch.

Tardy annual financial audits could strip Texas cities of their ability to raise property tax rates under a state law that takes effect Sept. 1.

The wait for finished audits dropped across municipal sectors from 2022 to 2023, a new report says, but the median time is still higher in the long run.

The Internal Revenue Service is requesting documents from the Erie City Water Authority regarding a $36,320,000 issuance of Water Revenue Bonds Series D of 2019.

Illinois' Annual Comprehensive Financial Report for fiscal year 2023 recently passed the 600-day mark and is threatening to break California's lateness record.

Budget battles in the new administration will lean toward further cuts to the IRS budget.

The Office of Tax-Exempt Bonds has been staffing up, IRS officials said at the National Association of Bond Lawyers conference in Chicago.

Columbus' technology modernization push has embedded artificial intelligence functionality into its payroll, revenue and accounting and operations systems.

The saga dating back to last year appears to be concluded with a settlement.

Without admitting or denying the findings, Luther Speight and his firm Luther Speight and Company agreed to pay civil penalties of $20,000 and $10,000, respectively.

AI will be part of a new tax-enforcement effort that will target high-income earners, partnerships, and large corporations.

The state-created agency has a plan to finally tap hitherto unused proceeds from a 2021 bond issue.

The "act to increase compliance by counties and municipalities that fail to timely submit an annual audit report," was called too harsh by Gov. Roy Cooper.

The Legacy Capital Financing Act would give the state another option to fund capital projects after a delayed annual audit prevented the issuance of bonds.

Illinois' net position for governmental activities remains deep in the red but after years of falling further behind, it trimmed the gap in fiscal 2022.

The agency has already begun hiring new staff and preparing for an $80 billion dollar agencywide influx of funding.