Connecticut General Statutes 8-169mm – Reports to the Governor, Auditors of Public Accounts and General Assembly. Annual compliance and independent financial audits. Contract compliance officer; report
(a) In lieu of the report required under § 1-123, within the first ninety days of each fiscal year of the Connecticut Municipal Redevelopment Authority, the board of directors of the authority shall submit a report to the Governor, the Auditors of Public Accounts and the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding. Such report shall include, but not be limited to, the following: (1) A list of all bonds issued during the preceding fiscal year, including, for each such issue, the financial advisor and underwriters, whether the issue was competitive, negotiated or privately placed, and the issue’s face value and net proceeds; (2) a description of each authority development project in which the authority is involved, its location and the amount of funds, if any, provided by the authority with respect to the construction of such project; (3) a list of all outside individuals and firms, including principal and other major stockholders, receiving in excess of five thousand dollars as payments for services; (4) a comprehensive annual financial report prepared in accordance with generally accepted accounting principles for governmental enterprises; (5) the cumulative value of all bonds issued, the value of outstanding bonds and the amount of the state’s contingent liability; (6) the affirmative action policy adopted pursuant to § 8-169kk, a description of the composition of the workforce of the Connecticut Municipal Redevelopment Authority by race, sex and occupation and a description of the affirmative action efforts of the authority; and (7) a description of planned activities for the current fiscal year.
Terms Used In Connecticut General Statutes 8-169mm
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Redevelopment: means improvement by the rehabilitation or demolition of structures, by the construction of new structures, improvements or facilities, by the location or relocation of streets, parks and utilities, by replanning or by two or more of these methods. See Connecticut General Statutes 8-125
(b) The board of directors of the authority shall annually contract with a person, firm or corporation for a compliance audit of the authority’s activities during the preceding authority fiscal year. The audit shall determine whether the authority has complied with the authority’s policies and procedures concerning affirmative action, personnel practices, the purchase of goods and services and the use of surplus funds. The board shall submit the audit report to the Governor, the Auditors of Public Accounts and the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding.
(c) The board of directors of the authority shall annually contract with a firm of certified public accountants to undertake an independent financial audit of the Connecticut Municipal Redevelopment Authority in accordance with generally accepted auditing standards. The board shall submit the audit report to the Governor, the Auditors of Public Accounts and the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding.
(d) The authority shall designate a contract compliance officer from its staff to monitor compliance of the operations of facilities and parking facilities associated with authority development projects that are under the management or control of the authority, with (1) the provisions of state law applicable to such operations, and (2) applicable requirements of contracts entered into by the authority relating to set-asides for small contractors and minority business enterprises and required efforts to hire available and qualified members of minorities, as defined in § 32-9n. Each year during the period of operations of facilities associated with authority development projects, such officer shall file a written report with the authority as to findings and recommendations regarding such compliance.