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SD 3365

Communication from the Office of the Comptroller (pursuant to Section 12 of Chapter 7A of the General Laws) submitting its current status of the Fiscal Year 2025 Statutory Basis financial report

194th Legislature (2025-2026)

SD 3365 notes the FY2025 SBFR cannot be produced until a closeout supplementary budget is enacted; four months past year-end, risking ACFR/Single Audit funding and urging action.

Placed on file
0
WeVote Research Nonpartisan
Bill Summary · SD 3365

Summary of SD 3365: Communication from the Massachusetts Comptroller on FY2025 SBFR Status

Purpose and Nature

  • SD 3365 is a proposed bill consisting of a formal communication from the Massachusetts Comptroller, issued under Chapter 7A, Section 12 of the General Laws.
  • The document reports the current status of the Fiscal Year 2025 Statutory Basis Financial Report (SBFR).
  • Status: Placed on file (no legislative action taken to date).

Context and Intent

  • The SBFR is due by October 31 each year, but the Comptroller explains the deadline was missed for FY2025.
  • The reason for the delay is that the Fiscal Year 2025 closeout supplementary budget has not yet been enacted, leaving the SBFR and related reporting unable to be issued with a firm target date.
  • The letter underscores that delays in the Annual Comprehensive Financial Report (ACFR) and the federal Single Audit carry more serious potential consequences than delays in the SBFR.

Key Provisions and Information Conveyed

  • Statement of status: The SBFR cannot be produced or dated until the closeout budget is enacted.
  • Federal implications: If the Commonwealth fails to meet ACFR and Single Audit deadlines, the federal government may slow or withhold federal funds.
  • Control and limitation: The Commonwealth’s ability to produce required reporting in a timely fashion is within its control, but the current delay stems from the lack of enacted closeout funding.
  • Timeline notes: The Commonwealth is currently four months past the June 30 year-end.
  • Next steps urged: The Comptroller requests immediate enactment of the FY2025 closeout supplementary budget to enable the reporting work to proceed.

Affected Parties

  • Commonwealth agencies and the Executive Branch involved in financial reporting (Office of the Comptroller; Executive Office for Administration and Finance).
  • Legislative leadership and committees (House Ways and Means, Senate Ways and Means) as recipients and overseers of the SBFR process.
  • Federal authorities via the ACFR and Single Audit processes, which may be impacted by timing.

Procedural and Timeline Considerations

  • The bill reflects a formal status update rather than new statutory provisions.
  • The key timeline hinge is the enactment of the FY2025 closeout supplementary budget; once enacted, SBFR, ACFR, and Single Audit work would proceed more quickly.
  • This communication is dated November 4, 2025, with the bill introduced and placed on file on November 6, 2025.

Bottom Line

SD 3365 communicates a delay in producing the FY2025 SBFR due to an un enacted closeout budget, highlights potential federal funding risks tied to ACFR/Single Audit timelines, and urges immediate legislative action to enact the closeout supplemental budget so financial reporting can proceed.

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

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