§ 5038. Annual reports; audit

(a) On or before the last day of January in each year, the Authority shall submit a report of its activities for the preceding calendar year to the Governor, the Public Utility Commission, and the General Assembly. Each report shall set forth a complete operating and financial statement covering its operations during the year, and shall contain a full and complete statement of the Authority’s anticipated budget and operations for the ensuing year. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this subsection. The Authority shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants; the cost shall be considered an expense of the Authority and copies shall be filed with the State Treasurer and the Public Utility Commission.

(b) The Auditor of Accounts of the State and his or her duly authorized representatives may at any time examine the accounts and books of the Authority including its receipts, disbursements, contracts, sinking funds, investments, and any other matters relating to its financial statements. (Added 1979, No. 78, § 3; amended 2013, No. 142 (Adj. Sess.), § 51.)