Kentucky legislation · 2026 Regular Session
Kentucky SB192: AN ACT relating to local entities and declaring an emergency.
Status: Signed into law, April 10, 2026
Amend KRS 91A.020 to allow cities bringing in or expending less than $15 million to conform to cash, modified accrual, or budgetary basis of accounting rather than generally accepted governmental accounting principles; amend KRS 91A.040 to allow cities bringing in or expending less than $500,000 to perform an agreed-upon procedures engagement for the fifth fiscal year in which the city remains in that fiscal category, and require cities conducting an audit to contract with an auditor to examine the basic financial statements that include financial statements prepared under the basis of accounting used by the city; require each city to publish an advertisement containing a budget-to-actual comparison schedule for the general fund and remove the publication requirement for copies be available at no cost; require the city to make a copy of the audit report available to the Auditor of Public Accounts; amend KRS 424.220 to make conforming amendments and require a city to publish a financial statement within 30, rather than 90 days after submission to the Department for Local Government; exempt from the publication requirements officers of cities that have completed an audit under KRS 91A.040 and cities that have completed an agreed-upon procedures engagement; create a new section of KRS Chapter 91A to allow cities to complete an agreed-upon procedures engagement with the Auditor of Public Accounts or a certified public accountant rather than an audit if the city meets certain requirements; establish standards for the agreed-upon procedures engagement process; establish reporting, advertising and access requirements; direct that the Department for Local Government may permit a city to use this process under certain circumstances when the city has not completed and reported an audit for 2 or more fiscal years.
What the bill says
An act relating to municipal financial reporting.
From the committee substitute text:
AN ACT relating to municipal financial reporting. Be it enacted by the General Assembly of the Commonwealth of Kentucky: Section 1. KRS 91A.020 is amended to read as follows: (1) Each city shall keep its accounting records and render financial reports in such a way as [ and] (b) Determine fairly and with full disclosure the financial operations of constituent funds and account groups of the city; and (c) Conform[ in conformity] with generally accepted governmental accounting principles, except cities receiving and expending, from all sources and for all purposes, less than fifteen million dollars ($15,000,000) may choose to conform with the cash or the modified cash basis of accounting. (2) Municipal accounting systems shall be organized and operated on a fund basis. Section 2. KRS 91A.040 is amended to read as follows: (1) Except as provided in subsections (2) and (3) of this section and Section 4 of this Act, each city shall, after the close of each fiscal year, cause each fund of the city to be audited by the Auditor of Public Accounts or a certified public accountant. The audit shall be completed by March 1 immediately following the fiscal year being audited. The city shall forward an electronic copy of the audit report to the Department for Local Government for information purposes by no later than …
Sponsors
- Amanda Mays Bledsoe (R, SD-012) · primary sponsor
- Scott Madon (R, SD-029)
Latest actions
- : signed by Governor (Acts Ch. 91)
- : delivered to Governor
- : enrolled, signed by Speaker of the House
- : enrolled, signed by President of the Senate
- : passed 36-0
- : Senate concurred in Floor Amendment (1) and Floor Amendment (2-title)
- : posted for passage for concurrence in House Floor Amendments (1) and (2-title)
- : to Rules (S)
- : received in Senate
- : 3rd reading, passed 95-0 with Floor Amendment (1) and Floor Amendment (2-title)
Votes
- Senate: FINAL PASSAGE OF SB 192 w/ HFA 1, HFA 2 (T) (HFA 1) RSN# 4082 (March 31, 2026): 36 yea, 0 nay, passed
- House: Pass RCS# 347 (March 27, 2026): 95 yea, 0 nay, passed
- Senate: PASS SB 192 w/ SCS 1 (SCS 1) RSN# 3870 (March 2, 2026): 37 yea, 0 nay, passed
Subjects: Reports Mandated, Financial Responsibility, Local Mandate, Audits And Auditors, Local Government, Accountants, Auditor Of Public Accounts, Cities
Common questions
- What is SB192?
- SB192 is a bill in the Kentucky Legislature (2026 Regular Session): AN ACT relating to local entities and declaring an emergency.
- What does SB192 do?
- In its own words: An act relating to municipal financial reporting.
- What is the status of SB192?
- Signed into law as of April 10, 2026. Latest action: signed by Governor (Acts Ch. 91) (April 10, 2026).
- Who sponsored SB192?
- Amanda Mays Bledsoe (R, SD-012), with 1 co-sponsor.
- Where is the official record for SB192?
- On the Kentucky Legislature website: https://apps.legislature.ky.gov/record/26rs/sb192.html
Source: official Kentucky record. Tracked by Delilah, AI for legislation across all 50 states and Congress.