§ 2-3-110 — Reimbursement of state auditor for certain audits - disclosure

(1)
When the state auditor is required by law or the state constitution to audit or cause
to be audited a state department, institution, or agency or other governmental or
organizational entity for self-supporting or nonappropriated activities, including but
not limited to enterprises as defined in section 20 (2)(d) of article X of the state
constitution, associated students' accounts, auxiliary enterprise funds, nonprofit
corporations, trust funds, contracts with the federal government, federal grants-in-aid, or federal assistance programs, moneys from the state general fund shall not
be used to pay for the cost of the audit, and the state auditor shall be reimbursed
for the audit services by the entity for which the audit is in whole or in part
performed.

(2) The reimbursement amount from such entity shall be a pro rata share of
the total state auditor's cost, based upon a time-spent factor, if the total audit of
the entity includes the audit of state-appropriated funds. If state-appropriated
funds are not involved in such audits, the reimbursement shall be not less than the
average hourly cost of the operations of the state auditor's office nor more than the
average rate attainable from certified public accounting firms performing similar
services for this state. Reimbursement charges may be negotiated with the state
auditor's office within the above limitations.

(3) The state auditor shall disclose the amount of fully reimbursed audit
services in the annual financial statements of the legislative department.

Legislative History

Source: L. 71: p. 111, � 1. C.R.S. 1963: � 3-21-11. L. 2005: (1) amended and (3) added, p. 1516, � 2, effective May 5.