Municipal annual audits; authorize certain small municipalities to prepare annual compilation report in lieu of audit.

HB 1515 would allow Mississippi municipalities with 3,000 or fewer residents to use a state-funded "compilation report" (prepared by an accountant approved by the State Auditor) instead of a full annual audit when the audit would cause financial hardship. The state would cover the cost of this report, which must follow the State Auditor’s format, and require publication in a local newspaper. Municipalities failing to comply would risk having 150% of the report cost withheld from state payments. The bill died in committee on February 3, 2026, and was never enacted.