Signed by Governor John Kasich

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that prohibits a public audit of JobsOhio and amends the definition of public money.

Highlights:

• Amends the definition of “public money” to not include the following (Sec. 1):
• Revenue earned by an individual for the operation or use of an asset transferred from a public office to the individual in which the public office received consideration for the transferred asset; or
• Revenue or receipts from “JobsOhio” with the exception of taxes collected on liquor sales due to the Department of Taxation. 

• Requires the JobsOhio audit committee to consult with the auditor of the state when selecting a firm to perform a financial audit and establishes the following audit requirements (Sec. 1): 
• The financial statements prepared must be audited in accordance with the Governmental Accounting Standards Board;
• The firm is required to conduct a supplemental compliance and control review pursuant to a written agreement between the firm, the auditor of the state, JobsOhio, and any nonprofit entity the sole member of which is JobsOhio; and
• The results of the financial audit report and compliance and control review must be provided to the governor, the auditor of the state, the speaker of the House of Representatives, and the president of the Senate. 

• Requires a private institution with public money in its possession to account for the public money separately and independently from its other accounts, in accordance with rules established by the auditor of the state (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that prohibits a public audit of JobsOhio and amends the definition of public money.

Highlights:

• Amends the definition of “public money” to not include the following (Sec. 1):
• Revenue earned by an individual for the operation or use of an asset transferred from a public office to the individual in which the public office received consideration for the transferred asset; or
• Revenue or receipts from “JobsOhio” with the exception of taxes collected on liquor sales due to the Department of Taxation. 

• Requires the JobsOhio audit committee to consult with the auditor of the state when selecting a firm to perform a financial audit and establishes the following audit requirements (Sec. 1): 
• The financial statements prepared must be audited in accordance with the Governmental Accounting Standards Board;
• The firm is required to conduct a supplemental compliance and control review pursuant to a written agreement between the firm, the auditor of the state, JobsOhio, and any nonprofit entity the sole member of which is JobsOhio; and
• The results of the financial audit report and compliance and control review must be provided to the governor, the auditor of the state, the speaker of the House of Representatives, and the president of the Senate. 

• Requires a private institution with public money in its possession to account for the public money separately and independently from its other accounts, in accordance with rules established by the auditor of the state (Sec. 1).

Full Bill Text