Sec. 15-120o. Annual reports. Audits.
Sec. 15-120o. Annual reports. Audits. (a) Within the first ninety days of each
fiscal year of the authority, the board of directors of the authority shall submit a report
to the Governor, the Auditors of Public Accounts and the joint standing committee of
the General Assembly having cognizance of matters relating to finance, revenue and
bonding. Such report shall include, but not be limited to, the following: (1) A list of all
bonds issued during the preceding fiscal year, including, for each such issue, the financial
advisor and underwriters, whether the issue was competitive, negotiated or privately
placed, and the issue's face value and net proceeds; (2) a description of the project, its
location, and the amount of funds, if any, provided by the authority with respect to the
construction of the project; (3) a list of all outside individuals and firms receiving in
excess of five thousand dollars in the form of loans, grants or payments for services; (4)
a comprehensive annual financial report prepared in accordance with generally accepted
accounting principles for governmental enterprises; (5) the cumulative value of all bonds
issued, the value of outstanding bonds, and the amount of the state's contingent liability;
(6) the affirmative action policy statement, a description of the composition of the work
force of the authority by race, sex and occupation and a description of the affirmative
action efforts of the authority; and (7) a description of planned activities for the current
fiscal year.
(b) The board of directors of the authority shall annually contract with a person, firm
or corporation for a compliance audit of the authority's activities during the preceding
authority fiscal year. The audit shall determine whether the authority has complied with
its regulations concerning affirmative action, personnel practices, the purchase of goods
and services and the use of surplus funds. The board shall submit the audit report to the
Governor, the Auditors of Public Accounts and the joint standing committee of the
General Assembly having cognizance of matters relating to finance, revenue and
bonding.
(c) The board of directors of the authority shall annually contract with a firm of
certified public accountants to undertake an independent financial audit of the authority
in accordance with generally accepted auditing standards. The board shall submit the
audit report to the Governor, the Auditors of Public Accounts and the joint standing
committee of the General Assembly having cognizance of matters relating to finance,
revenue and bonding. The books and accounts of the authority shall be subject to annual
audits by the state Auditors of Public Accounts.
(P.A. 97-271, S. 9, 10.)
History: P.A. 97-271 effective July 1, 1997.