September 26, 2020
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The Florida Statutes

The 2003 Florida Statutes

Title XIV
Chapter 218
View Entire Chapter
Section 218.321, Florida Statutes 2003

218.321  Annual financial statements; local governmental entities.--

(1)  Each local governmental entity shall complete its financial statements for the previous fiscal year in compliance with generally accepted accounting principles and the uniform chart of accounts prescribed by the department.

(2)  Each local governmental entity that is not required to provide for an audit report in accordance with 1s. 11.45(3)(a)5. must complete its financial statements no later than 12 months after the end of the fiscal year.

(3)  Each component unit, as defined by generally accepted accounting principles, of a local governmental entity, shall provide the local governmental entity, within a reasonable time period as established by the local governmental entity, with financial information necessary to comply with subsection (1). The failure of a component unit to provide this financial information must be noted in the annual financial statements for the local governmental entity.

(4)  The failure by any local governmental entity to complete its annual financial statements shall, in addition to any other penalties provided by law, authorize the department to employ personnel or send department personnel to such local governmental entity in order to complete such annual financial statements. The expenses related to the completion of the annual financial statements shall be charged to the local governmental entity. Upon failure by the local governmental entity to pay the charge within 15 days after billing, the department shall so certify to the Chief Financial Officer, who shall forward the amount so certified to the department from any funds due to the local governmental entity under any revenue-sharing or tax-sharing fund established by the state, except as otherwise provided by the State Constitution.

History.--s. 19, ch. 96-324; s. 9, ch. 2000-152; s. 255, ch. 2003-261.

1Note.--The referenced material is located at s. 218.39, relating to annual financial audit reports. Section 11.45(3)(a)5. relates to public records associated with appropriations.

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