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LRB-5472/1
MPG:skw
2019 - 2020 LEGISLATURE
February 20, 2020 - Introduced by Senators Risser, Jacque, Smith and L. Taylor,
cosponsored by Representatives Vruwink, Stubbs and Hebl. Referred to
Committee on Government Operations, Technology and Consumer
Protection.
SB852,1,3 1An Act to create 16.475 of the statutes; relating to: preparing an additional
2executive budget bill or bills according to generally accepted accounting
3principles.
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:
SB852,1
1Section 1. 16.475 of the statutes is created to read:
SB852,2,6 216.475 Additional budget bill prepared according to generally
3accepted accounting principles.
Each fiscal biennium, in addition to the
4executive budget bill or bills prepared under s. 16.47, and at the same time such bill
5or bills are prepared, the department shall prepare an executive budget bill or bills
6according to generally accepted accounting principles.
SB852,2,77 (End)
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