I think government offices should file their financial documents on time. And it's reasonable to have stiff penalties for those that don't. But I'm not sure it would be wise to give so much power to a state agency full of bureaucrats:
The State Board of Accounts is considering a controversial rule that would allow the agency to remove public officials from office if they fail to provide legally required financial documents.
Frustrated with a handful of cities, towns, counties and other government units that fail to follow the law, the State Board of Accounts is looking to give its agency more teeth when it comes to problematic public officials, 6News' Kara Kenney reported.
[. . .]
Under the proposal, the state could remove a public official who fails to file their annual reports, fails to keep their accounts, refuses access to their books or who interferes with a state examiner's audit.
Currently, public officials who don't file their annual reports on time are supposed to forfeit their office, but it's never enforced. In fact, government officials typically keep their office unless they commit a felony, such as theft.
Having a pentalty that's "seldom enforced" creates a problem, but maybe there's a less drastic way to handle it. As someone points out in the article, prosecutors should probably be involved when removal from office is being considered.