State Codes and Statutes
Statutes > Connecticut > Title32 > Chap588x > Sec32-605Sec. 32-605. Reports. Audits. Convention center operations contract compliance. (a) In lieu of the report required under section 1-123, within the first ninety days of each fiscal year of the Capital City Economic Development 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 the capital city project, 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 statement, a description of the composition of the work force of the authority by race, sex and occupation and a description of the affirmative action efforts of the authority; (7) a description of planned activities for the current fiscal year; (8) a list of all private investments made or committed for commercial development within the capital city economic development district; and (9) an analysis of the authority's success in achieving the purposes stated in section 32-602.
(b) In lieu of the audit required under section 1-122, 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 its regulations 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 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. The books and accounts of the authority shall be subject to annual audits by the state Auditors of Public Accounts.
(d) On January 15, 2000, the authority shall submit to the Governor and to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding, a two-year performance review report detailing for each capital city project undertaken to date under the program, the progress made and the actual expenditures compared to original estimated costs. Not later than sixty calendar days after receipt of said report, such joint committee shall consider the report and determine whether there has been insufficient progress or whether there have been significant cost increases over original estimates. If so, the committee may make recommendations for appropriate action to the authority and to the General Assembly.
(e) The authority shall designate a convention center operations contract compliance officer from the staff of the authority to monitor compliance of the operations of the convention center, convention center hotel and related parking facilities of the center and the hotel, with the provisions of state law applicable to such operations, including, but not limited to, this section and sections 32-650 to 32-668, inclusive, and with 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 section 32-9n, and available and qualified residents of the city of Hartford for jobs in such operations. Such officer shall file, each year during the period of facility operations, a written report with the authority as to findings and recommendations regarding such compliance.
(P.A. 98-179, S. 6, 30; P.A. 99-241, S. 21, 66; P.A. 00-140, S. 37, 40.)
History: P.A. 98-179 effective June 1, 1998 (Revisor's note: In Subsec. (d) the phrase "whether there has been significant cost increases" was changed editorially by the Revisors to "there have been significant cost increases"); P.A. 99-241 added Subsec. (a)(8) re list of private investment for commercial development in district and made technical change, effective July 1, 1999; P.A. 00-140 added Subsec. (e) re convention center operations contract compliance officer, effective May 2, 2000.
