Section 14-234-120 - Filing of report - withholding of turnback funds - definition(a) As used in this section, "turnback funds" means: (1) General revenue turnback funds, as defined in the Revenue Stabilization Law, § 19-5-101 et seq.; and(2) Highway revenue turnback funds, as distributed under § 27-70-207.(b)(1) Within thirty (30) days of completion of the audit report or the agreed-upon procedures and compilation report, the accountant performing the audit or agreed-upon procedures and compilation shall submit the report to the Legislative Auditor.(2) The report shall be submitted in an electronic media format approved by the Legislative Auditor.(c)(1) If the report for a municipal water or sewer system is not submitted to the Legislative Auditor on behalf of the municipality within eighteen (18) months after the end of a fiscal year that the report covers, the Legislative Joint Auditing Committee may give notice of that fact to the Treasurer of State, who shall then withhold any turnback funds due the municipality in escrow until notified by the Legislative Joint Auditing Committee that all reports covering periods through the most recent fiscal year have been filed, at which time the escrowed turnback funds shall be released to the municipality.(2) If the Treasurer of State holds a municipality's turnback funds under this subsection longer than twelve (12) months: (A) The turnback funds shall be redistributed to all other municipalities receiving turnback funds; and(B) The municipality shall not accrue additional turnback funds until the Legislative Joint Auditing Committee notifies the Treasurer of State that all reports under this section covering periods through the most recent fiscal year ended have been filed.(3) The withholding of turnback funds under this subsection (c) is in addition to penalties that may be assessed under § 14-234-122.Amended by Act 2023, No. 453,§ 3, eff. 6/30/2024.Acts 1997, No. 272, § 2; 1999, No. 218, § 2; 2011, No. 615, § 2.