Colorado § 29-1-504 State auditor - powers and duties

Colorado Statutes

§ 29-1-504 — State auditor - powers and duties

Colorado·Title 29 Government·Art. Budget and Services

(1)The state auditor shall formulate, prescribe, and publish a classification of accounts with the approval of the advisory committee on governmental accounting which shall be uniform for every level of local government as defined in section 29-1-502; except that each level of government may be classified according to population, and, in that event, each classification of accounts shall be uniform within each class; and except that the classification of accounts prescribed for the purpose of public schools shall be subject to the approval of the state board of education; and further except that the classification of accounts prescribed for the purpose of local college districts shall be subject to the approval of the state board for community colleges and occupational education.

Free access — add to your briefcase to read the full text and ask questions with AI

(1) The state auditor shall
formulate, prescribe, and publish a classification of accounts with the approval of
the advisory committee on governmental accounting which shall be uniform for
every level of local government as defined in section 29-1-502; except that each
level of government may be classified according to population, and, in that event,
each classification of accounts shall be uniform within each class; and except that
the classification of accounts prescribed for the purpose of public schools shall be
subject to the approval of the state board of education; and further except that the
classification of accounts prescribed for the purpose of local college districts shall
be subject to the approval of the state board for community colleges and
occupational education.

(2) Upon completion of the classification of accounts for each level of
government, the state auditor shall distribute the published copies of the
classification of accounts promulgated by the state auditor's office to each unit of
local government defined in section 29-1-502 and may distribute such copies to
other interested parties. Any amendments or alterations to the original published
copies must also be distributed to each unit of local government in the same
manner.

(3) Upon request of the local government officials, the state auditor shall
assist local government officials in implementing the classification of accounts
promulgated pursuant to this section. Any travel and subsistence expense incurred
by the state auditor in performing the requests must be paid by the local
government.

(4) In accordance with subsection (1) of this section, the state auditor shall
formulate classifications of inventory accounts for local governments; such
accounts shall be required to be kept only with respect to items of property having
an original cost that equals or exceeds an amount established by the governing
body of each local government, unless such items having a value of less than the
amount established by such governing body are required to be inventoried by
directive of the state auditor. In no event shall the amount established by the
governing body of any local government pursuant to this subsection (4) exceed the
amount specified in rules promulgated by the state controller pursuant to section
24-30-202 regarding inventory accounts for items of state property.

Colorado § 29-1-504 (State auditor - powers and duties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 65: p. 858, � 4. C.R.S. 1963: � 88-5-4. L. 69: p. 698, � 2. L. 75: (1) amended, p. 787, � 12, effective July 1. L. 98: (4) amended, p. 140, � 1, effective August 5. L. 2017: Entire section amended, (SB 17-294), ch. 264, p. 1412, � 102, effective May 25. L. 2022: (1) amended, (SB 22-212), ch. 421, p. 2982, � 70, effective August 10.