Colorado § 29-1-604 Exemptions

Colorado Statutes

§ 29-1-604 — Exemptions

Colorado·Title 29 Government·Art. Budget and Services

(1)Any local government where neither revenues nor expenditures exceed one hundred thousand dollars in any fiscal year commencing on or after January 1, 1998, but before January 1, 2025, and where neither revenues nor expenditures exceed two hundred thousand dollars for any fiscal year commencing on or after January 1, 2025, may, with the approval of the state auditor, be exempt from the provisions of section 29-1-603.

(2)(a) Any local government where revenues or expenditures for any fiscal year commencing on or after January 1, 2004, but prior to January 1, 2015, are at least one hundred thousand dollars but not more than five hundred thousand dollars may, with the approval of the state auditor, be exempt from the provisions of section 29-1-603.

(b)(I) Any local government

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(1) Any local government where neither revenues
nor expenditures exceed one hundred thousand dollars in any fiscal year
commencing on or after January 1, 1998, but before January 1, 2025, and where
neither revenues nor expenditures exceed two hundred thousand dollars for any
fiscal year commencing on or after January 1, 2025, may, with the approval of the
state auditor, be exempt from the provisions of section 29-1-603.

(2) (a) Any local government where revenues or expenditures for any fiscal
year commencing on or after January 1, 2004, but prior to January 1, 2015, are at
least one hundred thousand dollars but not more than five hundred thousand
dollars may, with the approval of the state auditor, be exempt from the provisions
of section 29-1-603.

(b) (I) Any local government where revenues or expenditures for any fiscal
year commencing on or after January 1, 2015, but before January 1, 2025, are at
least one hundred thousand dollars but not more than seven hundred fifty thousand
dollars may, with the approval of the state auditor, be exempt from the provisions
of section 29-1-603.

(II) Any local government where revenues or expenditures for any fiscal year
commencing on or after January 1, 2025, are more than two hundred thousand
dollars but not more than one million dollars may, with the approval of the state
auditor, be exempt from the provisions of section 29-1-603.

(3) The governing body of any local government wishing to claim exemption
from the audit requirements pursuant to subsection (1) or (2) of this section shall file
an application for exemption from audit. Any application filed pursuant to
subsection (1) of this section shall be prepared by a person skilled in governmental
accounting. Any application filed pursuant to subsection (2) of this section shall be
prepared by an independent accountant with knowledge of governmental
accounting. Any application filed pursuant to this subsection (3) shall be completed
in accordance with regulations issued by the state auditor and shall be personally
reviewed, approved, and signed by a majority of the members of the governing
body. The application is to be filed with the state auditor within three months after
the close of the local government's fiscal year. No exemption shall be granted prior
to the close of said fiscal year. Failure to file such application shall cause the local
government to lose its exemption from the provisions of section 29-1-603 for that
fiscal year and the ensuing fiscal year.

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Legislative History

Source: L. 65: p. 861, � 4. C.R.S. 1963: � 88-6-4. L. 77: Entire section amended, p. 1397, � 1, effective March 16. L. 83: Entire section amended, p. 1206, � 1, effective March 22. L. 85: (3) amended, p. 1019, � 3, effective July 1. L. 89: (1) and (3) amended, p. 1258, � 6, effective May 2. L. 98: Entire section amended, p. 292, � 1, effective August 5. L. 2004: (2) amended, p. 186, � 1, effective August 4. L. 2015: (2) amended, (SB 15-024), ch. 6, p. 13, � 1, effective August 5. L. 2025: (1) and (2)(b) amended, (SB 25-023), ch. 52, p. 227, � 1, effective August 6.