Bill Text: FL S1426 | 2018 | Regular Session | Comm Sub


Bill Title: Local Government Fiscal Affairs

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2018-03-10 - Died on Calendar [S1426 Detail]

Download: Florida-2018-S1426-Comm_Sub.html
       Florida Senate - 2018                             CS for SB 1426
       
       
        
       By the Committee on Rules; and Senator Lee
       
       
       
       
       
       595-04005-18                                          20181426c1
    1                        A bill to be entitled                      
    2         An act relating to local government fiscal affairs;
    3         amending s. 11.40, F.S.; expanding the scope of the
    4         Legislative Auditing Committee review to include
    5         compliance with local government fiscal transparency
    6         requirements; amending s. 11.45, F.S.; providing
    7         procedures for the Auditor General and local
    8         governments to comply with the local government fiscal
    9         transparency requirements; amending s. 125.045, F.S.;
   10         revising reporting requirements for certain county
   11         economic development incentives; amending ss. 129.03
   12         and 129.06, F.S.; requiring counties to maintain
   13         certain budget documents on their websites for a
   14         specified period; amending s. 166.021, F.S.; revising
   15         reporting requirements for certain municipality
   16         economic development incentives; amending s. 166.241,
   17         F.S.; requiring municipalities to maintain certain
   18         budget documents on their websites for a specified
   19         period; transferring and renumbering s. 218.80, F.S.;
   20         creating part VIII of ch. 218, F.S., consisting of ss.
   21         218.801, 218.803, 218.805, 218.81, 218.82, 218.83,
   22         218.84, 218.88, and 218.89, F.S.; providing a short
   23         title; specifying the purpose of the local government
   24         fiscal transparency requirements; providing
   25         definitions; requiring local governments to post
   26         certain voting record information on their websites;
   27         requiring the posting of specified links to related
   28         sites if certain documentation or details are
   29         available; requiring property appraisers to post
   30         certain property tax information and history on their
   31         websites; requiring local governments to post certain
   32         property tax information and history on their
   33         websites; requiring public notices for public hearings
   34         and meetings before certain increases of local
   35         government tax levies or the issuance of new tax
   36         supported debt; specifying noticing and advertising
   37         requirements for such public hearings and meetings;
   38         requiring local governments to conduct certain debt
   39         affordability analyses under specified conditions;
   40         requiring audits of financial statements of local
   41         governments to be accompanied by an affidavit signed
   42         by the chair of the local government governing board;
   43         requiring certain information to be included in
   44         affidavits filed with the Auditor General; providing a
   45         method for local governments that do not operate a
   46         website to post certain required information; amending
   47         s. 218.32, F.S.; conforming a cross-reference;
   48         providing that this act fulfills an important state
   49         interest; providing an effective date.
   50          
   51  Be It Enacted by the Legislature of the State of Florida:
   52  
   53         Section 1. Subsection (2) of section 11.40, Florida
   54  Statutes, is amended to read:
   55         11.40 Legislative Auditing Committee.—
   56         (2) Following notification by the Auditor General, the
   57  Department of Financial Services, or the Division of Bond
   58  Finance of the State Board of Administration of the failure of a
   59  local governmental entity, district school board, charter
   60  school, or charter technical career center to comply with the
   61  applicable provisions within s. 11.45(5)-(7), s. 218.32(1), s.
   62  218.38, or s. 218.503(3), or part VIII of chapter 218, the
   63  Legislative Auditing Committee may schedule a hearing to
   64  determine if the entity should be subject to further state
   65  action. If the committee determines that the entity should be
   66  subject to further state action, the committee shall:
   67         (a) In the case of a local governmental entity or district
   68  school board, direct the Department of Revenue and the
   69  Department of Financial Services to withhold any funds not
   70  pledged for bond debt service satisfaction which are payable to
   71  such entity until the entity complies with the law. The
   72  committee shall specify the date such action shall begin, and
   73  the directive must be received by the Department of Revenue and
   74  the Department of Financial Services 30 days before the date of
   75  the distribution mandated by law. The Department of Revenue and
   76  the Department of Financial Services may implement the
   77  provisions of this paragraph.
   78         (b) In the case of a special district created by:
   79         1. A special act, notify the President of the Senate, the
   80  Speaker of the House of Representatives, the standing committees
   81  of the Senate and the House of Representatives charged with
   82  special district oversight as determined by the presiding
   83  officers of each respective chamber, the legislators who
   84  represent a portion of the geographical jurisdiction of the
   85  special district, and the Department of Economic Opportunity
   86  that the special district has failed to comply with the law.
   87  Upon receipt of notification, the Department of Economic
   88  Opportunity shall proceed pursuant to s. 189.062 or s. 189.067.
   89  If the special district remains in noncompliance after the
   90  process set forth in s. 189.0651, or if a public hearing is not
   91  held, the Legislative Auditing Committee may request the
   92  department to proceed pursuant to s. 189.067(3).
   93         2. A local ordinance, notify the chair or equivalent of the
   94  local general-purpose government pursuant to s. 189.0652 and the
   95  Department of Economic Opportunity that the special district has
   96  failed to comply with the law. Upon receipt of notification, the
   97  department shall proceed pursuant to s. 189.062 or s. 189.067.
   98  If the special district remains in noncompliance after the
   99  process set forth in s. 189.0652, or if a public hearing is not
  100  held, the Legislative Auditing Committee may request the
  101  department to proceed pursuant to s. 189.067(3).
  102         3. Any manner other than a special act or local ordinance,
  103  notify the Department of Economic Opportunity that the special
  104  district has failed to comply with the law. Upon receipt of
  105  notification, the department shall proceed pursuant to s.
  106  189.062 or s. 189.067(3).
  107         (c) In the case of a charter school or charter technical
  108  career center, notify the appropriate sponsoring entity, which
  109  may terminate the charter pursuant to ss. 1002.33 and 1002.34.
  110         Section 2. Present paragraphs (d) through (j) of subsection
  111  (7) of section 11.45, Florida Statutes, are redesignated as
  112  paragraphs (e) through (k), respectively, and a new paragraph
  113  (d) is added to that subsection, to read:
  114         11.45 Definitions; duties; authorities; reports; rules.—
  115         (7) AUDITOR GENERAL REPORTING REQUIREMENTS.—
  116         (d) During the Auditor General’s review of audit reports,
  117  he or she shall contact each local government, as defined in s.
  118  218.805(2), that is not in compliance with part VIII of chapter
  119  218 and request evidence of corrective action. The local
  120  government shall provide the Auditor General with evidence of
  121  the initiation of corrective action within 45 days after the
  122  date it is requested by the Auditor General and evidence of
  123  completion of corrective action within 180 days after the date
  124  it is requested by the Auditor General. If the local government
  125  fails to comply with the Auditor General’s request or is unable
  126  to take corrective action within the required timeframe, the
  127  Auditor General shall notify the Legislative Auditing Committee.
  128         Section 3. Subsection (5) of section 125.045, Florida
  129  Statutes, is amended to read:
  130         125.045 County economic development powers.—
  131         (5)(a) By January 15 of each year, 2011, and annually
  132  thereafter, each county shall report to the Office of Economic
  133  and Demographic Research the economic development incentives in
  134  excess of $25,000 given to businesses any business during the
  135  county’s previous fiscal year. The Office of Economic and
  136  Demographic Research shall compile the information from the
  137  counties into a report and provide the report to the President
  138  of the Senate, the Speaker of the House of Representatives, and
  139  the Department of Economic Opportunity. The county shall
  140  identify whether the economic development incentive is provided
  141  directly by the county or by another entity on behalf of the
  142  county, as well as the source of local dollars, and any state or
  143  federal dollars obligated for the incentive. Economic
  144  development incentives, for purposes of this report, are
  145  classified as follows include:
  146         1. Class one: Direct Financial incentives of monetary
  147  assistance provided to an individual a business from the county
  148  or through an organization authorized by the county. Such
  149  incentives include:, but are not limited to, grants, loans,
  150  equity investments, loan insurance and guarantees, and training
  151  subsidies.
  152         a. Grants.
  153         b. Tax-based credits, refunds, or exemptions.
  154         c. Fee-based credits, refunds, or exemptions.
  155         d. Loans, loan insurance, or loan guarantees.
  156         e. Below-market rate leases or deeds for real property.
  157         f. Job training or recruitment.
  158         g. Subsidized or discounted government services.
  159         h. Infrastructure improvements.
  160         2. Class two: General assistance, services, and support
  161  provided collectively to businesses with a common interest or
  162  purpose. Such incentives include:
  163         a. Technical assistance and training.
  164         b. Business incubators and accelerators.
  165         c. Infrastructure improvements Indirect incentives in the
  166  form of grants and loans provided to businesses and community
  167  organizations that provide support to businesses or promote
  168  business investment or development.
  169         3. Class three: Business recruitment, retention, or
  170  expansion efforts provided to benefit an individual business or
  171  class of businesses. Such incentives include:
  172         a. Marketing and market research.
  173         b. Trade missions and trade shows.
  174         c. Site selection.
  175         d. Targeted assistance with the permitting and licensing
  176  process.
  177         e. Business plan or project development Fee-based or tax
  178  based incentives, including, but not limited to, credits,
  179  refunds, exemptions, and property tax abatement or assessment
  180  reductions.
  181         4. Below-market rate leases or deeds for real property.
  182         (b) A county shall report its economic development
  183  incentives in the format specified by the Office of Economic and
  184  Demographic Research.
  185         (c) The Office of Economic and Demographic Research shall
  186  compile the economic development incentives provided by each
  187  county in a manner that shows the total of each class of
  188  economic development incentives provided by each county and all
  189  counties. To the extent possible, the office shall compare the
  190  results of the economic development incentives provided by all
  191  counties to the results of state incentives provided in similar
  192  classes.
  193         Section 4. Paragraph (c) of subsection (3) of section
  194  129.03, Florida Statutes, is amended to read:
  195         129.03 Preparation and adoption of budget.—
  196         (3) The county budget officer, after tentatively
  197  ascertaining the proposed fiscal policies of the board for the
  198  next fiscal year, shall prepare and present to the board a
  199  tentative budget for the next fiscal year for each of the funds
  200  provided in this chapter, including all estimated receipts,
  201  taxes to be levied, and balances expected to be brought forward
  202  and all estimated expenditures, reserves, and balances to be
  203  carried over at the end of the year.
  204         (c) The board shall hold public hearings to adopt tentative
  205  and final budgets pursuant to s. 200.065. The hearings shall be
  206  primarily for the purpose of hearing requests and complaints
  207  from the public regarding the budgets and the proposed tax
  208  levies and for explaining the budget and any proposed or adopted
  209  amendments. The tentative budget must be posted on the county’s
  210  official website at least 2 days before the public hearing to
  211  consider such budget and must remain on the website for at least
  212  45 days. The final budget must be posted on the website within
  213  30 days after adoption and must remain on the website for at
  214  least 2 years. The tentative budgets, adopted tentative budgets,
  215  and final budgets shall be filed in the office of the county
  216  auditor as a public record. Sufficient reference in words and
  217  figures to identify the particular transactions must shall be
  218  made in the minutes of the board to record its actions with
  219  reference to the budgets.
  220         Section 5. Paragraph (f) of subsection (2) of section
  221  129.06, Florida Statutes, is amended to read:
  222         129.06 Execution and amendment of budget.—
  223         (2) The board at any time within a fiscal year may amend a
  224  budget for that year, and may within the first 60 days of a
  225  fiscal year amend the budget for the prior fiscal year, as
  226  follows:
  227         (f) Unless otherwise prohibited by law, if an amendment to
  228  a budget is required for a purpose not specifically authorized
  229  in paragraphs (a)-(e), the amendment may be authorized by
  230  resolution or ordinance of the board of county commissioners
  231  adopted following a public hearing.
  232         1. The public hearing must be advertised at least 2 days,
  233  but not more than 5 days, before the date of the hearing. The
  234  advertisement must appear in a newspaper of paid general
  235  circulation and must identify the name of the taxing authority,
  236  the date, place, and time of the hearing, and the purpose of the
  237  hearing. The advertisement must also identify each budgetary
  238  fund to be amended, the source of the funds, the use of the
  239  funds, and the total amount of each fund’s appropriations.
  240         2. If the board amends the budget pursuant to this
  241  paragraph, the adopted amendment must be posted on the county’s
  242  official website within 5 days after adoption and must remain on
  243  the website for at least 2 years.
  244         Section 6. Paragraph (e) of subsection (8) of section
  245  166.021, Florida Statutes, is amended to read:
  246         166.021 Powers.—
  247         (8)
  248         (e)1. By January 15 of each year, 2011, and annually
  249  thereafter, each municipality having annual revenues or
  250  expenditures greater than $250,000 shall report to the Office of
  251  Economic and Demographic Research the economic development
  252  incentives in excess of $25,000 given to businesses any business
  253  during the municipality’s previous fiscal year. The Office of
  254  Economic and Demographic Research shall compile the information
  255  from the municipalities into a report and provide the report to
  256  the President of the Senate, the Speaker of the House of
  257  Representatives, and the Department of Economic Opportunity. The
  258  municipality shall identify whether the economic development
  259  incentive was provided directly by the municipality or by
  260  another entity on behalf of the municipality, as well as the
  261  source of local dollars, and any state or federal dollars
  262  obligated for the incentive. Economic development incentives,
  263  for purposes of this report, are classified as follows include:
  264         a. Class one: Direct Financial incentives of monetary
  265  assistance provided to an individual a business from the
  266  municipality or through an organization authorized by the
  267  municipality. Such incentives include:, but are not limited to,
  268  grants, loans, equity investments, loan insurance and
  269  guarantees, and training subsidies.
  270         (I) Grants.
  271         (II) Tax-based credits, refunds, or exemptions.
  272         (III) Fee-based credits, refunds, or exemptions.
  273         (IV) Loans, loan insurance, or loan guarantees.
  274         (V) Below-market rate leases or deeds for real property.
  275         (VI) Job training or recruitment.
  276         (VII) Subsidized or discounted government services.
  277         (VIII) Infrastructure improvements.
  278         b. Class two: General assistance, services, and support
  279  provided collectively to businesses with a common interest or
  280  purpose. Such incentives include:
  281         (I) Technical assistance and training.
  282         (II) Business incubators and accelerators.
  283         (III) Infrastructure improvements Indirect incentives in
  284  the form of grants and loans provided to businesses and
  285  community organizations that provide support to businesses or
  286  promote business investment or development.
  287         c. Class three: Business recruitment, retention, or
  288  expansion efforts provided to benefit an individual business or
  289  class of businesses. Such incentives include:
  290         (I) Marketing and market research.
  291         (II) Trade missions and trade shows.
  292         (III) Site selection.
  293         (IV) Targeted assistance with the permitting and licensing
  294  process.
  295         (V) Business plan or project development Fee-based or tax
  296  based incentives, including, but not limited to, credits,
  297  refunds, exemptions, and property tax abatement or assessment
  298  reductions.
  299         d. Below-market rate leases or deeds for real property.
  300         2. A municipality shall report its economic development
  301  incentives in the format specified by the Office of Economic and
  302  Demographic Research.
  303         3. The Office of Economic and Demographic Research shall
  304  compile the economic development incentives provided by each
  305  municipality in a manner that shows the total of each class of
  306  economic development incentives provided by each municipality
  307  and all municipalities. To the extent possible, the office shall
  308  compare the results of the economic development incentives
  309  provided by all municipalities to the results of state
  310  incentives provided in similar classes.
  311         Section 7. Subsections (3) and (5) of section 166.241,
  312  Florida Statutes, are amended to read:
  313         166.241 Fiscal years, budgets, and budget amendments.—
  314         (3) The tentative budget must be posted on the
  315  municipality’s official website at least 2 days before the
  316  budget hearing, held pursuant to s. 200.065 or other law, to
  317  consider such budget and must remain on the website for at least
  318  45 days. The final adopted budget must be posted on the
  319  municipality’s official website within 30 days after adoption
  320  and must remain on the website for at least 2 years. If the
  321  municipality does not operate an official website, the
  322  municipality must, within a reasonable period of time as
  323  established by the county or counties in which the municipality
  324  is located, transmit the tentative budget and final budget to
  325  the manager or administrator of such county or counties who
  326  shall post the budgets on the county’s website.
  327         (5) If the governing body of a municipality amends the
  328  budget pursuant to paragraph (4)(c), the adopted amendment must
  329  be posted on the official website of the municipality within 5
  330  days after adoption and must remain on the website for at least
  331  2 years. If the municipality does not operate an official
  332  website, the municipality must, within a reasonable period of
  333  time as established by the county or counties in which the
  334  municipality is located, transmit the adopted amendment to the
  335  manager or administrator of such county or counties who shall
  336  post the adopted amendment on the county’s website.
  337         Section 8. Section 218.80, Florida Statutes, is transferred
  338  and renumbered as section 218.795, Florida Statutes.
  339         Section 9. Part VIII of chapter 218, Florida Statutes,
  340  consisting of sections 218.801, 218.803, 218.805, 218.81,
  341  218.82, 218.83, 218.84, 218.88, and 218.89, is created to read:
  342                              PART VIII                            
  343              LOCAL GOVERNMENT FISCAL TRANSPARENCY ACT             
  344         218.801 Short title.—This part may be cited as the “Local
  345  Government Fiscal Transparency Act.”
  346         218.803 Purpose.—The purpose of this part is to promote the
  347  fiscal transparency of local governments when using public funds
  348  by requiring additional public noticing of proposed local
  349  government actions that would increase taxes, enact new taxes,
  350  extend expiring taxes, or issue tax-supported debt and requiring
  351  voting records of local governing bodies related to such actions
  352  to be easily and readily accessible by the public.
  353         218.805 Definitions.—As used in this part, the term:
  354         (1) “Debt” means bonds, loans, promissory notes, lease
  355  purchase agreements, certificates of participation, installment
  356  sales, leases, or any other financing mechanisms or financial
  357  arrangements, whether or not a debt for legal purposes, for
  358  financing or refinancing the acquisition, construction,
  359  improvement, or purchase of capital improvement projects.
  360         (2) “Local government” means any county, municipality,
  361  school district, special district dependent to a county or
  362  municipality, municipal service taxing unit, or independent
  363  special district, but does not include special dependent or
  364  independent districts established to provide hospital services,
  365  provided such special districts do not levy, assess, and collect
  366  ad valorem taxes.
  367         (3) “Tax increase” means:
  368         (a) For ad valorem taxes, any increase in a local
  369  government’s millage rate above the rolled-back rate as defined
  370  in s. 200.065(1).
  371         (b) For all other taxes, a tax enactment, tax extension, or
  372  an increase in the tax rate.
  373         (4) “Tax-supported debt” means debt with a duration of more
  374  than 5 years secured in whole or in part by state or local tax
  375  levies, whether such security is direct or indirect, explicit or
  376  implicit, and includes, but is not limited to, debt for which
  377  annual appropriations pledged for payment are from government
  378  fund types receiving tax revenues or shared revenues from state
  379  tax sources. The term does not include debt secured solely by
  380  revenues generated by the project that is financed with the
  381  debt.
  382         218.81 Voting record access.—
  383         (1) Each local government shall post on its website, in a
  384  manner that is easily accessible to the public, a history of the
  385  voting record of each action taken by the local governing board
  386  which addressed a tax increase or new tax-supported debt
  387  issuance, except debt that was refinanced or refunded and that
  388  did not extend the term or increase the outstanding principal
  389  amount of the original debt, as follows:
  390         (a) By October 1, 2018, the voting record history from the
  391  preceding year;
  392         (b) By October 1, 2019, the voting record history from the
  393  preceding 2 years;
  394         (c) By October 1, 2020, the voting record history from the
  395  preceding 3 years; and
  396         (d) By October 1, 2021, and thereafter, the voting record
  397  history required pursuant to this subsection from the preceding
  398  4 years.
  399         (2) The website must provide links to allow users to
  400  navigate to related sites if supporting details or documentation
  401  are available.
  402         (3) In any public notice of a tax increase or the issuance
  403  of new tax-supported debt, each local government shall include
  404  with the public notice the website address where the voting
  405  records can be accessed.
  406         218.82 Property tax information and history.—
  407         (1) Each county property appraiser, as defined in s.
  408  192.001, shall maintain a website that includes, in a manner
  409  easily accessible to the public, links that provide access to:
  410         (a) The notice of proposed property taxes and non-ad
  411  valorem assessments required under s. 200.069 for each parcel of
  412  property in that county; and
  413         (b) A history of the millage rate and the amount of tax
  414  levied by each taxing authority on each parcel, as follows:
  415         1. By October 1, 2018, the history from the 2 preceding
  416  years;
  417         2. By October 1, 2019, the history from the 3 preceding
  418  years; and
  419         3. By October 1, 2020, and thereafter, the history from the
  420  4 preceding years.
  421  
  422  This subsection does not apply to information that is otherwise
  423  exempt from public disclosure.
  424         (2) Each local government shall post on its website, in a
  425  manner that is easily accessible to the public, links that
  426  provide access to a history of each of its millage rates and the
  427  total annual amount of revenue generated by each of these
  428  levies, as follows:
  429         (a) By October 1, 2018, the history from the 2 preceding
  430  years;
  431         (b) By October 1, 2019, the history from the 3 preceding
  432  years; and
  433         (c) By October 1, 2020, and thereafter, the history from
  434  the 4 preceding years.
  435         218.83 Expanded public noticing of tax increases and new
  436  tax-supported debt issuance.—
  437         (1) For the purpose of this section, the term “tax
  438  increase” does not include an ad valorem tax increase or taxes
  439  enacted, extended, or increased by referendum.
  440         (2) A local government that intends to vote on a proposed
  441  tax increase or the issuance of new tax-supported debt shall
  442  advertise a public hearing to solicit public input concerning
  443  the proposed tax increase or new tax-supported debt issuance.
  444  This public hearing must occur at least 14 days prior to the
  445  date that the local governing body meets to take a final vote on
  446  the tax increase or issuance of new tax-supported debt. Any
  447  hearing required under this subsection shall be held after 5
  448  p.m. if scheduled on a day other than Saturday. No hearing shall
  449  be held on a Sunday. The general public shall be allowed to
  450  speak and to ask questions relevant to the tax increase or the
  451  tax-supported debt issuance. The local government shall provide
  452  public notice as set forth in subsection (4).
  453         (3)(a) If, following the public hearing required under
  454  subsection (2), the local government intends to proceed with a
  455  vote to approve a tax increase or the new issuance of tax
  456  supported debt, the local government shall provide public notice
  457  in the manner set forth in subsection (4) at least 10 days prior
  458  to the date of the scheduled public meeting.
  459         (b) For a tax increase, the notice shall also include, at a
  460  minimum:
  461         1. A statement prominently posted that the local government
  462  intends to vote on a proposed new tax enactment, tax extension,
  463  or tax rate increase.
  464         2. The time and place of the meeting.
  465         3. The amount of the tax increase, including both the rate
  466  and total amount of annual revenue expected to be generated and
  467  the expected annual revenue expressed as a percentage of the
  468  government’s general fund revenue.
  469         4. A detailed explanation of the intended uses of the levy.
  470         5. A statement indicating whether the local government
  471  expects to use the proceeds to secure debt.
  472         (c) For new tax-supported debt issuance, the notice shall
  473  also include, at a minimum:
  474         1. A statement prominently posted that the local government
  475  intends to vote on a proposed new issuance of tax-supported
  476  debt.
  477         2. The time and place of the meeting.
  478         3. A truth in bonding statement in substantially the
  479  following form:
  480         The ...(insert local government name)... is proposing to
  481  issue ...$...(insert principal)...... of debt or obligation for
  482  the purpose of ...(insert purpose).... This debt or obligation
  483  is expected to be repaid over a period of ...(insert term of
  484  issue)... years. At a forecasted interest rate of ...(insert
  485  rate of interest)..., total interest paid over the life of the
  486  debt or obligation will be ...$...(insert sum of interest
  487  payments)....... The source of repayment or security for this
  488  proposal is the ...(insert the local government name)...
  489  existing ...(insert fund).... Authorizing this debt or
  490  obligation will result in $...(insert the annual amount)... of
  491  ...(insert local government name)... ...(insert fund)... moneys
  492  not being available to finance the other services of the
  493  ...(insert local government name)... each year for ...(insert
  494  the length of the debt or obligation)....
  495         4. Presentation of the debt affordability ratios calculated
  496  pursuant to s. 218.84, described in substantially the following
  497  form:
  498         The following ratios measure the affordability of
  499  outstanding and proposed new long-term, tax-supported debt
  500  issued by ...(insert local government name).... The ratios show
  501  debt service as a percentage of the revenues available to
  502  support that debt, including the new debt being proposed
  503  ...(insert 5 year history and 2 year projection of debt
  504  affordability ratio)....
  505         (4) The notice provided by a local government announcing a
  506  public hearing to take public input as set forth in subsection
  507  (2) or the public meeting to take a final vote as set forth in
  508  subsection (3) must meet the following requirements:
  509         (a) The local government must advertise the notice in a
  510  newspaper of general circulation in the county or counties where
  511  the local government exists. A local government may advertise in
  512  a geographically limited insert of a general circulation
  513  newspaper if the region encompassed by the insert contains the
  514  jurisdictional boundaries of the local government. The newspaper
  515  must be of general interest with readership in the community and
  516  not one of limited subject matter, pursuant to chapter 50. The
  517  advertisement must be at least one-quarter page in size of a
  518  standard size newspaper or a half-page in size of a tabloid size
  519  newspaper, and the headline in the advertisement must be in a
  520  type no smaller than 18 point. The advertisement may not be
  521  placed in that portion of the newspaper where legal notices and
  522  classified advertisements appear. The advertisement must appear
  523  in a newspaper that is published at least 5 days a week unless
  524  the only newspaper in the county is published less than 5 days a
  525  week. If the advertisement appears in a geographically limited
  526  insert of a general circulation newspaper, the insert must be
  527  one that is published at least twice a week throughout the local
  528  government’s jurisdiction. In lieu of publishing the notice set
  529  out in this paragraph, the local government may mail a copy of
  530  the notice to each elector residing within the jurisdiction of
  531  the local government; and
  532         (b) The local government must post on its website in a
  533  manner that is easily accessible to the public the information
  534  required under subsections (2) and (3), as applicable.
  535         (5) This section does not apply to the refinancing or
  536  refunding of debt that does not extend the term or increase the
  537  outstanding principal amount of the original debt.
  538         218.84 Local government debt fiscal responsibility.—
  539         (1) It is the public policy of this state to encourage
  540  local governments to exercise prudence in authorizing and
  541  issuing debt. Before a local government authorizes debt, it must
  542  consider its ability to meet its total debt service requirements
  543  in light of other demands on the local government’s fiscal
  544  resources. Each local government shall perform a debt
  545  affordability analysis as set forth in subsection (2), and the
  546  governing board shall consider the analysis before approving the
  547  issuance of new tax-supported debt.
  548         (2) The debt affordability analysis shall, at a minimum,
  549  consist of the calculation of the local government’s actual debt
  550  affordability ratio for the 5 fiscal years prior to the year the
  551  debt is expected to be issued and a projection of the ratio for
  552  at least the first 2 fiscal years in which the new debt is
  553  expected to be issued. The analysis shall include a comparison
  554  of the debt affordability ratio with and without the new debt
  555  issuance.
  556         (3) The debt affordability ratio for a given fiscal year
  557  shall be a ratio:
  558         (a) The denominator of which is the total annual revenues
  559  available to pay debt service on outstanding tax-supported debt
  560  of the local government; and
  561         (b) The numerator of which is the total annual debt service
  562  for outstanding tax-supported debt of the local government.
  563         218.88 Audits.—Audits of financial statements of local
  564  governments which are performed by a certified public accountant
  565  pursuant to s. 218.39 and submitted to the Auditor General must
  566  be accompanied by an affidavit executed by the chair of the
  567  governing board of the local government stating that the local
  568  government has complied with this part. The affidavit must be
  569  filed with the Auditor General, or in the event the local
  570  government has not complied with this part, the affidavit shall
  571  instead include a description of the noncompliance and
  572  corrective action taken by the local government to correct the
  573  noncompliance and to prevent such noncompliance in the future.
  574         218.89 Local government websites.—If a local government is
  575  required under this part to post information on its website, but
  576  does not operate an official website, the local government must
  577  provide the appropriate county or municipality within which the
  578  local government is located the information required to be
  579  posted, and each county or municipality shall post the required
  580  information on its website.
  581         Section 10. Paragraph (e) of subsection (1) of section
  582  218.32, Florida Statutes, is amended to read:
  583         218.32 Annual financial reports; local governmental
  584  entities.—
  585         (1)
  586         (e) Each local governmental entity that is not required to
  587  provide for an audit under s. 218.39 must submit the annual
  588  financial report to the department no later than 9 months after
  589  the end of the fiscal year. The department shall consult with
  590  the Auditor General in the development of the format of annual
  591  financial reports submitted pursuant to this paragraph. The
  592  format must include balance sheet information used by the
  593  Auditor General pursuant to s. 11.45(7)(g) s. 11.45(7)(f). The
  594  department must forward the financial information contained
  595  within the annual financial reports to the Auditor General in
  596  electronic form. This paragraph does not apply to housing
  597  authorities created under chapter 421.
  598         Section 11. The Legislature finds that this act fulfills an
  599  important state interest.
  600         Section 12. This act shall take effect July 1, 2018.

feedback