(a) Not later than July 1, 2014, the Secretary of the Office of Policy and Management shall, in consultation with the Department of Education, the Connecticut Conference of Municipalities and the Council of Small Towns, develop and implement a uniform system of accounting for municipal revenues and expenditures, including, but not limited to, board of education and grant agency expenditures and revenue. Such uniform system of accounting shall include a uniform chart of accounts to be used at the municipal level. Such chart of accounts shall include, but not be limited to, all amounts and sources of revenue and donations of cash and real or personal property in the aggregate totaling five hundred dollars or more received by a municipality. The secretary shall make such chart of accounts available on the Internet web site of the Office of Policy and Management.

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(b) Not later than June 30, 2015, each municipality shall implement the uniform system of accounting for municipal revenues and expenditures developed pursuant to subsection (a) of this section by using such uniform system to complete and file annual reports with the Office of Policy and Management as may be required by the secretary in order to increase transparency regarding municipal expenditures and to meet the state’s benchmarking goals. Any annual report required pursuant to this subsection shall be filed not later than January thirty-first annually.

(c) Not later than January 31, 2023, and annually thereafter, each municipality shall file financial data with the Office of Policy and Management. Such data shall (1) be filed electronically, in a form and manner prescribed by the Secretary of the Office of Policy and Management, and (2) contain such municipality’s audited financial statements and any other information required by said secretary to determine the financial condition of such municipality.