175.8 - ANNUAL REPORT -- ANNUAL AUDIT.
175.8 ANNUAL REPORT -- ANNUAL AUDIT.
1. The authority shall submit to the governor and to the members
of the general assembly as request it, not later than January 15 of
each year, a complete and economically designed and reproduced report
setting forth:
a. Its operations and accomplishments.
b. Its receipts and expenditures during the fiscal year, in
accordance with the classifications it establishes for its operating
and capital accounts.
c. Its assets and liabilities at the end of its fiscal year
and the status of reserve, special and other funds.
d. A schedule of its bonds and notes outstanding at the end
of its fiscal year, together with a statement of the amounts redeemed
and issued during its fiscal year.
e. A statement of its proposed and projected activities.
f. Recommendations to the general assembly, as it deems
necessary.
g. An analysis of beginning farmer needs in the state.
2. The annual report shall identify performance goals of the
authority, and clearly indicate the extent of progress during the
reporting period, in attaining the goals. Where possible, results
shall be expressed in terms of number of loans and acres of
agricultural land.
3. For fiscal years beginning on or after July 1, 2007, the
auditor of state shall conduct an annual audit of the agricultural
development authority to be paid from resources of the authority
notwithstanding any other audit conducted on behalf of the
authority's board of directors. The auditor of state may acquire the
services of an outside audit firm, if necessary, to conduct the audit
as required in this subsection.
4. The authority's executive director, appointed pursuant to
section 175.7, shall report semiannually to the legislative
government oversight committees regarding the operations of the
authority. Section History: Early Form
[C81, § 175.8] Section History: Recent Form
2007 Acts, ch 215, §92; 2009 Acts, ch 117, §1