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HD 5335

A communication from the Office of the Comptroller (see Section 12(a) of Chapter 7A of the General Laws) providing a status on the filing of the Statutory Basis Financial Report for fiscal year 2025

194th Legislature (2025-2026)

Bill HD 5335 alerts stakeholders that the Statutory Basis Financial Report for FY 2025 will be delayed, risking federal funding and the Commonwealth's financial reputation.

Placed on file
0
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Bill Summary · HD 5335

Summary of Bill HD 5335

Bill Information

  • Bill Number: HD 5335
  • Title: A communication from the Office of the Comptroller providing a status on the filing of the Statutory Basis Financial Report for fiscal year 2025
  • Status: Placed on file
  • Introduced: November 18, 2025
  • Classification: Proposed bill

Purpose and Intent

Bill HD 5335 serves as a formal communication from the Office of the Comptroller regarding the status of the Statutory Basis Financial Report (SBFR) for fiscal year 2025. The primary intent is to inform relevant stakeholders, including state officials and the public, about the delays in financial reporting due to the pending closeout supplementary budget.

Key Provisions

  • Delay Notification: The bill highlights that the SBFR, which is typically due by October 31, will not be filed on time due to the lack of an enacted closeout supplementary budget for FY 2025.
  • Consequences of Delay: The Comptroller warns that this delay poses a heightened risk of financial repercussions for the Commonwealth, particularly concerning federal funding. Failure to meet federal reporting requirements could lead to a slowdown or stoppage in federal fund receipts.
  • Related Reports: The bill outlines the interdependence of three major financial reports:
    • SBFR: Details the financial condition of core governmental functions.
    • ACFR (Annual Comprehensive Financial Report): Due in December 2025, it provides a comprehensive view of all governmental functions, including various state authorities and programs.
    • Federal Single Audit: Due by March 31, 2026, this audit assesses the use of federal funds across the Commonwealth.

Impact

  • Stakeholders Affected: The delay in filing the SBFR affects various stakeholders, including:
    • State Officials: Elected and appointed officials rely on timely financial reports for governance.
    • Citizens and Taxpayers: The public has a vested interest in the financial health and transparency of state operations.
    • Bondholders and Credit Rating Agencies: Timely reporting is crucial for maintaining the Commonwealth's credit rating and borrowing costs.
  • Financial Reputation: The bill emphasizes that Massachusetts' reputation for financial prudence is at risk due to ongoing delays in financial reporting. This could affect the state's ability to secure favorable borrowing terms in the future.

Procedural Aspects

  • The bill was introduced on November 18, 2025, and subsequently placed on file, indicating that it may not proceed further in the legislative process at this time.
  • The Comptroller urges the Legislature to enact the closeout supplementary budget by or near the October 31 deadline to mitigate risks associated with delayed financial reporting.

Conclusion

Bill HD 5335 serves as an important communication regarding the status of the Commonwealth's financial reporting for FY 2025. It underscores the critical need for timely legislative action to ensure compliance with federal requirements and maintain the financial integrity of Massachusetts.

Compiled from official sources — confirm details with the bill’s official record.

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