Municipalities, municipal audits further provided for

HB 414 revises the financial audit requirements for municipalities in Alabama based on their annual expenditures. It increases the threshold for mandatory annual audits from $300,000 to $500,000 in annual expenditures. Municipalities with annual expenditures between $300,000 and $500,000 will now be required to undergo biennial audits. Additionally, the bill allows municipalities with less than $300,000 in annual expenditures to submit an annual financial report to the Department of Examiners of Public Accounts instead of a biennial audit, a change from the previous $100,000 threshold. These adjustments aim to modify the frequency and type of financial oversight for various municipalities.