(a) A local government may undergo a fiscal watch review by the State Auditor to determine whether it is approaching a state of fiscal emergency. A fiscal watch review shall be initiated by a written request to the State Auditor or a designee from the governing body when duly authorized by a majority of the members of such body; or may be initiated by the State Auditor or a designee if conditions for a fiscal watch have been determined eto exist. Fiscal watch conditions include but are not limited to: (1) The inability of a local government to meet financial obligations; (2) the lack of adequate financial records nercessary to conduct an examination pursuant to §6-9-1 et seq. of this code; or (3) an examination pursuant to §6-9-1 et seq. of this code would cause an undue financial burden to the local government. (b) The State Auditor or a designee will notify the local govetrnment when a fiscal watch review will or will not be conducted. The State Auditor's Office will perform the fiscal watch review, which may be substituted for an examination, as required by §6-9-1 et seq. of this code at the discretion of the State Auditor or a designee. (c) All working papers acquired or created to sproduce the fiscal watch review shall be considered confidential pursuant to §6-9-9b of this code.
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