When must the Corrective Action Plan be approved by the governing body?

The approval of the Corrective Action Plan must occur within six months of the budget year close because this timeframe allows for an adequate assessment of the audit findings and the necessary adjustments to be made. By ensuring that the plan is approved within this period, the governing body can address any deficiencies and implement corrective measures that will improve operations and compliance going forward. This timeline is integral for maintaining accountability and ensuring that any identified issues are resolved promptly, which contributes to the overall financial health and transparency of the municipality. This process aligns with best practices in budget management and ensures that lessons learned from the previous budget year are incorporated into future planning and operations.