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