Senate Bill 500 streamlines the auditing process for volunteer fire departments (VFDs) by reducing redundant reporting requirements and aligning audit procedures with current operational standards. This legislation aims to alleviate administrative burdens on VFDs, allowing them to focus on community safety and emergency response.
Although Senate Bill 500 consolidates the audits of volunteer fire departments with the Legislative Auditor, existing Code will remain unchanged as to the requirement that audits or financial examinations “shall be scheduled as to complete a review of each volunteer fire company at least once every five years.”
Senate Bill 677 increases certain fees paid by broker-dealer agents and issuers of securities to the state’s Securities Commission, a division of the State Auditor’s Office. Senate Bill 677 also introduces measures to improve the financial reporting and accountability of local government entities.
Senate Bill 677 increases from $240 to $300 the minimum fee for reviewing annual sales reports from issuers of securities, estimated to add as much as $900,000 per year to fund the work of the Securities Commission.
Along those same lines, the legislation increases from $66 to $70 the fees for initial and renewal registrations for broker-dealer agents, estimated to yield an additional $670,000 per year to help fund the Securities Commission’s operations.
Finally, the bill amends the “split” of fees collected by the Securities Commission, increasing from 20 percent to 25 percent the amounts retained by the Securities Commission to fund its operations, with the remaining balance designated to the state’s General Revenue Fund.
State Auditor Mark A. Hunt commended the enactment of these bills, stating, “The signing of SB 500 and SB 677 represents a pivotal step toward strengthening the financial integrity of our state’s institutions. These laws will not only simplify processes for our volunteer fire departments but also reinforce the accountability of local governments to the citizens they serve.”
