(a) The county, municipality, or special taxing district shall report the results of the audit required under § 16-305 of this subtitle to the Legislative Auditor: (1) on the form and in the manner that the Legislative Auditor requires; and (2) on or before the date the financial report of the county, municipality, or special taxing district must be filed under § 16-304(a) of this subtitle. (b) An audit report filed by a county, municipality, or special taxing district with the Legislative Auditor shall include financial statements of the county, municipality, or special taxing district that are: (1) prepared in accordance with generally accepted accounting principles; and (2) audited in accordance with generally accepted auditing standards. (c) An audit report filed with the Legislative Auditor is a public record. (d) Except as provided in subsection (e) of this section, if a county, municipality, or special taxing district does not comply with subsection (a) or (b) of this section, the Comptroller, on notice from the Executive Director of the Department of Legislative Services, may order the discontinuance of all money, grants, or State aid that the county, municipality, or special taxing district is entitled to receive under State law that are distributed by the Comptroller, the clerks of the court, or any other unit of State government. (e) (1) Subject to paragraph (2) of this subsection, if a county, municipality, or special taxing district does not comply with subsection (a) or (b) of this section within 2 calendar years after the deadline described in subsection (a)(2) of this section, the Executive Director of the Department of Legislative Services shall notify the Comptroller and the Comptroller shall order the discontinuance of 20% of all State aid for the current fiscal year for highway user revenues and disparity grants that the county, municipality, or special taxing district is otherwise entitled to receive under State law that is distributed by the Comptroller, the clerks of the court, or any other unit of State government. (2) (i) A discontinuance of funds under paragraph (1) of this subsection shall remain in effect for a county, municipality, or special taxing district until the county, municipality, or special taxing district submits the audit report required under this section. (ii) 1. Subject to subsubparagraph 2 of this subparagraph, the Executive Director of the Department of Legislative Services shall notify the Comptroller and the Comptroller shall order the reinstatement of the funds discontinued under paragraph (1) of this subsection promptly after the county, municipality, or special taxing district submits the audit report required under this section. 2. A. If a reinstatement of funds is ordered under subsubparagraph 1 of this subparagraph, only the discontinued funds for the current fiscal year shall be released. B. If a county, municipality, or special taxing district failed to submit the audit report required under this section in the same fiscal year in which it was due, the discontinued funds for that fiscal year shall revert to the General Fund of the State for discontinued disparity grants and to the Transportation Trust Fund for discontinued highway user revenues.
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