§ 24-30-204 — Fiscal year

Colorado § 24-30-204

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Department of Personnel -

Text

(1) The fiscal year of the state government shall
commence on July 1 and end on June 30 of each year. This fiscal year shall be
followed in making appropriations and in financial reporting and shall be uniformly
adopted by all departments, institutions, and agencies in the state government
except the department of transportation, which shall prepare and submit its budget
as required by law. Financial statements for the fiscal year shall be submitted by
each department, institution, or agency to the controller no later than August 25.
Notwithstanding section 24-1-136 (11)(a)(I), the controller shall prepare financial
statements in accordance with generally accepted accounting principles and
submit these financial statements to the governor and the general assembly no
later than September 20. The controller may grant an extension, not to exceed
twenty days, to any department, institution, or agency because of administrative
hardship in complying with this section.

(2) (a) For fiscal years commencing on or after July 1, 1992, in addition to the
financial statements required pursuant to subsection (1) of this section, all
departments, institutions, and agencies in the state government shall submit a
quarterly report of financial information to the controller no later than thirty days
after the last day of each fiscal year quarter. Such report shall include such
financial information as deemed reasonable and necessary by the controller. Such
report shall include, but shall not be limited to, sufficient financial information for
the controller to determine if such department, institution, or agency is properly
crediting monthly revenues and accruals and is properly billing the federal
government, in a timely manner, for reimbursement of state moneys expended for
federal programs. The controller shall work with all departments to develop a
format for such quarterly report of each department, institution, and agency.

(b) Notwithstanding the provisions of paragraph (a) of this subsection (2), a
governing board that implements a capital construction or acquisition project as
described in section 23-1-106 (9), C.R.S., is not required to submit for the project
quarterly reports as described in paragraph (a) of this subsection (2).

(3) The official books of the state shall be closed no later than thirty-five
days after the end of the fiscal year. As of this date, all adjusted revenue,
expenditures, and expense accounts shall be closed into the state accounting
system in order to divide the financial details of the state into comparable periods.

Legislative History

Source: L. 41: p. 55, � 14. CSA: C. 3, � 14. CRS 53: � 3-3-4. C.R.S. 1963: � 3-3-4. L. 81: Entire section amended, p. 1162, � 1, effective May 29. L. 91: Entire section amended, p. 1058, � 15, effective July 1. L. 92: Entire section amended, p. 1080, � 2, effective March 4. L. 94: Entire section amended, p. 828, � 2, effective July 1, 1995. L. 2011: (2) amended, (HB 11-1301), ch. 297, p. 1430, � 28, effective August 10. L. 2016: (2)(b) amended, (SB 16-204), ch. 222, p. 852, � 3, effective June 6. L. 2017: (1) amended, (HB 17-1058), ch. 18, p. 58, � 3, effective March 8.