STATE CONTROLLER – Amends existing law to require that the Idaho housing and finance authority shall be subject to certain reporting requirements.

68th Legislature, 1st Regular Session (2025)

House Bill 438 mandates the Idaho Housing and Finance Authority to report annual financial and debt data, enhancing transparency and accountability for local entities.

Reported Printed and Referred to State Affairs

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Bill Information

Bill Number: H 438

Title: STATE CONTROLLER – Amends existing law to require that the Idaho Housing and Finance Authority shall be subject to certain reporting requirements.

Status: Reported Printed and Referred to State Affairs

Introduced: March 21, 2025

Classification: Bill

Subject: Associations, Controller, State, Finance, Homes and Housing

Purpose and Intent

House Bill 438 aims to enhance transparency and accountability in the financial operations of the Idaho Housing and Finance Association (IHFA). By amending Section 67-1076 of the Idaho Code, the bill mandates that the IHFA submit annual administrative, financial, and debt information to a central reporting portal managed by the State Controller, known as Transparent Idaho.

Key Provisions

The bill introduces several important changes:

Reporting Requirements:

The IHFA must submit detailed information annually, including:
- Administrative Information: Governing board member details, official contact information, fiscal year, and establishment details.
- Financial Information: Most recent adopted budget, budget-to-actual revenue comparisons, last independent audit date, and any additional information as required by the uniform accounting manual.
- Debt Information: Cumulative dollar amount of all bonds or debt obligations, average term length, and average interest rates.

Central Registry:

Establishes a central registry and reporting portal on the State Controller's website for local governmental entities, including the IHFA.

Compliance and Penalties:

Local governmental entities must notify their appointing authority upon submission of required information.
Entities must update their information within 30 days of any changes.
Penalties for non-compliance include:
- Late fees of up to $500 per day for failure to submit required information.
- Public notification of non-compliance by county commissioners.
- Prohibition from including budget increases for non-compliant entities.

Emergency Declaration:

The bill declares an emergency, indicating that it is intended to take effect immediately upon passage.

Impact

Who is Affected: The primary entity affected by this bill is the Idaho Housing and Finance Association. Additionally, local governmental entities that interact with the IHFA will also be impacted by the new reporting requirements.

Fiscal Impact: According to the fiscal note, this legislation is not expected to result in any increase or decrease in revenue or additional expenditures at the state or local government levels.

Procedural Aspects

The bill was introduced and referred to the Joint Rules Appropriations Committee on March 21, 2025, where it was reported printed and subsequently referred to the State Affairs Committee for further consideration.

This summary provides an overview of House Bill 438, outlining its purpose, key provisions, potential impacts, and procedural status to facilitate understanding of the legislation's implications for the Idaho Housing and Finance Authority and local governmental entities.

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