| 1 | 1 | | LRB-1405/1 |
|---|
| 2 | 2 | | MPG&CMH:cjs |
|---|
| 3 | 3 | | 2023 - 2024 LEGISLATURE |
|---|
| 4 | 4 | | 2023 SENATE BILL 32 |
|---|
| 5 | 5 | | February 3, 2023 - Introduced by Senators J ACQUE, NASS and STROEBEL, |
|---|
| 6 | 6 | | cosponsored by Representatives BROOKS, KNODL, ARMSTRONG, BRANDTJEN, |
|---|
| 7 | 7 | | GUNDRUM, MURPHY, O'CONNOR, RETTINGER and STEFFEN. Referred to |
|---|
| 8 | 8 | | Committee on Government Operations, Elections and Consumer Protection. |
|---|
| 9 | 9 | | AN ACT to create 16.475 of the statutes; relating to: preparing an additional |
|---|
| 10 | 10 | | executive budget bill or bills according to generally accepted accounting |
|---|
| 11 | 11 | | principles. |
|---|
| 12 | 12 | | Analysis by the Legislative Reference Bureau |
|---|
| 13 | 13 | | Under current law, there is no requirement that the executive budget bill be |
|---|
| 14 | 14 | | prepared according to generally accepted accounting principles (GAAP). GAAP are |
|---|
| 15 | 15 | | those principles for state and local governments adopted by the Governmental |
|---|
| 16 | 16 | | Accounting Standards Board (GASB). Organized in 1984, GASB is an independent |
|---|
| 17 | 17 | | organization founded to establish standards of financial accounting and reporting |
|---|
| 18 | 18 | | for state and local governmental entities. Its standards generally guide the |
|---|
| 19 | 19 | | preparation of external financial reports of those entities. |
|---|
| 20 | 20 | | Under this bill, each biennium, in addition to the executive budget bill or bills |
|---|
| 21 | 21 | | prepared based on the standards applicable under current law, the Department of |
|---|
| 22 | 22 | | Administration is required to prepare an executive budget bill or bills according to |
|---|
| 23 | 23 | | GAAP. |
|---|
| 24 | 24 | | For further information see the state fiscal estimate, which will be printed as |
|---|
| 25 | 25 | | an appendix to this bill. |
|---|
| 26 | 26 | | The people of the state of Wisconsin, represented in senate and assembly, do |
|---|
| 27 | 27 | | enact as follows: |
|---|
| 28 | 28 | | 1 |
|---|
| 29 | 29 | | 2 |
|---|
| 30 | 30 | | 3 - 2 -2023 - 2024 Legislature LRB-1405/1 |
|---|
| 31 | 31 | | MPG&CMH:cjs |
|---|
| 32 | 32 | | SECTION 1 SENATE BILL 32 |
|---|
| 33 | 33 | | SECTION 1. 16.475 of the statutes is created to read: |
|---|
| 34 | 34 | | 16.475 Additional budget bill prepared according to generally |
|---|
| 35 | 35 | | accepted accounting principles. Each fiscal biennium, in addition to the |
|---|
| 36 | 36 | | executive budget bill or bills prepared under s. 16.47, and at the same time such bill |
|---|
| 37 | 37 | | or bills are prepared, the department shall prepare an executive budget bill or bills |
|---|
| 38 | 38 | | according to generally accepted accounting principles. |
|---|
| 39 | 39 | | (END) |
|---|
| 40 | 40 | | 1 |
|---|
| 41 | 41 | | 2 |
|---|
| 42 | 42 | | 3 |
|---|
| 43 | 43 | | 4 |
|---|
| 44 | 44 | | 5 |
|---|
| 45 | 45 | | 6 |
|---|
| 46 | 46 | | 7 |
|---|