| 1 | 1 | | LRB-0941/1 |
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| 2 | 2 | | MPG&CMH:cjs |
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| 3 | 3 | | 2023 - 2024 LEGISLATURE |
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| 4 | 4 | | 2023 ASSEMBLY BILL 31 |
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| 5 | 5 | | February 10, 2023 - Introduced by Representatives BROOKS, KNODL, ARMSTRONG, |
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| 6 | 6 | | BRANDTJEN, GUNDRUM, MURPHY, O'CONNOR, RETTINGER and STEFFEN, |
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| 7 | 7 | | cosponsored by Senators JACQUE, NASS and STROEBEL. Referred to Joint |
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| 8 | 8 | | Committee on Finance. |
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| 9 | 9 | | ***AUTHORS SUBJECT TO CHANGE*** |
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| 10 | 10 | | AN ACT to create 16.475 of the statutes; relating to: preparing an additional |
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| 11 | 11 | | executive budget bill or bills according to generally accepted accounting |
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| 12 | 12 | | principles. |
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| 13 | 13 | | Analysis by the Legislative Reference Bureau |
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| 14 | 14 | | Under current law, there is no requirement that the executive budget bill be |
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| 15 | 15 | | prepared according to generally accepted accounting principles (GAAP). GAAP are |
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| 16 | 16 | | those principles for state and local governments adopted by the Governmental |
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| 17 | 17 | | Accounting Standards Board (GASB). Organized in 1984, GASB is an independent |
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| 18 | 18 | | organization founded to establish standards of financial accounting and reporting |
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| 19 | 19 | | for state and local governmental entities. Its standards generally guide the |
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| 20 | 20 | | preparation of external financial reports of those entities. |
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| 21 | 21 | | Under this bill, each biennium, in addition to the executive budget bill or bills |
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| 22 | 22 | | prepared based on the standards applicable under current law, the Department of |
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| 23 | 23 | | Administration is required to prepare an executive budget bill or bills according to |
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| 24 | 24 | | GAAP. |
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| 25 | 25 | | For further information see the state fiscal estimate, which will be printed as |
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| 26 | 26 | | an appendix to this bill. |
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| 27 | 27 | | The people of the state of Wisconsin, represented in senate and assembly, do |
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| 28 | 28 | | enact as follows: |
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| 31 | 31 | | 3 - 2 -2023 - 2024 Legislature LRB-0941/1 |
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| 32 | 32 | | MPG&CMH:cjs |
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| 33 | 33 | | SECTION 1 ASSEMBLY BILL 31 |
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| 34 | 34 | | SECTION 1. 16.475 of the statutes is created to read: |
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| 35 | 35 | | 16.475 Additional budget bill prepared according to generally |
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| 36 | 36 | | accepted accounting principles. Each fiscal biennium, in addition to the |
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| 37 | 37 | | executive budget bill or bills prepared under s. 16.47, and at the same time such bill |
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| 38 | 38 | | or bills are prepared, the department shall prepare an executive budget bill or bills |
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| 39 | 39 | | according to generally accepted accounting principles. |
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| 40 | 40 | | (END) |
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