Political subdivisions; reports of outstanding judgments

A. The legislature hereby recognizes that judgments against political subdivisions established by statute should be timely paid; that delays in payment of judgments create burdens to taxpayers through the accrual of judicial or legal interest and potential decreases in bonding capacity; and that simple, regular, and full reporting of judgments against political subdivisions established by statute will promote transparency and accountability and inform the legislature in allocating state funds to political subdivisions by creating a measure of financial health and financial need. Therefore, it is the intent of the legislature, in the interest of the public, to require political subdivisions to report their unpaid judgments on a regular basis. B. Each year, each political subdivision that is established by statute and that at any point in the then current or immediately prior year had total outstanding judgments, whether by a court of law or consent of the parties, in excess of seven million five hundred thousand dollars, exclusive of interest accrued thereupon, shall include in the information required to be submitted to the legislative auditor pursuant to R.S. 24:513 a complete list of all judgments, including consent judgments, settlement agreements, and compromise agreements, outstanding in any amount, including the following: (1) The caption and number of the matter. (2) The court in which the matter was filed. (3) The date of the judgment or the date that the agreement was entered. (4) The amount of the original judgment or agreement. C. The legislative auditor shall develop, supervise, and require the use of uniform, standardized, and consistent forms and terminology for use in reporting pursuant to this Section in order to provide for clarity and uniformity. D. The legislative auditor shall compile the reports required by this Section into a single biennial report and shall submit this biennial report to the Joint Legislative Committee on the Budget and the governor no later than December first. E. The reporting requirements of this Section shall terminate on January 1, 2031. F. The provisions of this Section shall not apply to any political subdivision created by home rule charter or governed by a police jury.