MSRB Updates Report on Timing of Annual Financial Disclosure Submissions

The MSRB updated a 2017 report on the timing of annual financial disclosure submissions by municipal securities issuers.

The MSRB found that "the average length of time for audited financial disclosures to be reported increased each year since 2018, while annual financials have remained relatively flat. From 2017 until 2023, the average length of time for audited financial disclosures increased from 199 days to 207 days."

The MSRB suggested one explanation for the growing length of time for audited financial documents might be "a shortage of government finance officers," including "retirements, the rise of contract workers and decreasing numbers of college accounting majors" which may have resulted in a supply and demand imbalance.