Bill Summary

by Finance & Tax Committee, Cortes (B)

Local Government Capital Recovery: Requires municipalities & counties that meet certain thresholds for specified delinquent revenues to issue procurement requests to collect revenues; requires procurement requests be sent to collection agencies; provides requirements for content of procurement requests; provides that certain delinquent revenues be excluded from threshold calculations in certain circumstances; provides that municipalities & counties issuing procurement requests are not required to enter into contractual arrangement; provides exceptions; requires that copies of all bids received be filed with DFS; requires discussion of capital recovery efforts be included in management letter accompanying municipality’s or county's annual financial audit report. Effective Date: July 1, 2016

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