To correct current reporting year:
Any municipality having a population of 2,500 or less which has submitted its financial report form may amend it prior to March 31 or prior to May 15 if a written request for extension has been received by the department of revenue. Any county or any municipality having a population over 2,500 which has submitted its financial report form may amend it prior to May 1 or prior to May 15 if a written request for extension has been received by the department of revenue. Any amendments shall be submitted to the department of revenue. Any county or municipality which desires to amend its financial report form after May 15 shall submit an independent, certified audit to the department of revenue no later than August 15.
To correct past reporting years:
Any county or municipality that desires to amend past-year cost reports shall submit an independent, certified audit to the department. Any county or municipality that desires to amend past-year financial report forms shall submit amendments to the department of revenue.
To meet the statutory requirement, the local government will have to contract with a CPA firm to conduct an audit of the town’s basic financial statements for past years and also issue an audit opinion on the town’s Financial Report Form as supplementary information to basic financial statements. The auditor’s opinions required with the corrected report are similar to those required for original report filings by municipalities with populations over 25,000. You must submit the audit to WisDOT and the corrected Financial Report Form to DOR.
For questions regarding the audit required for correction of prior year’s costs, contact WisDOT’s Chief of Audit and Contract Administration at (608) 266-1824.