Each private contractor shall file a copy of each executed subcontract or amendment to the subcontract with the agency, which shall maintain the subcontract or amendment as a public record, as defined in the access to public records act.

(1) Audits.  Privatization contracts shall be subject to audit or review, as defined by the American Institute of Certified Public Accountants, by the office of the auditor general at the discretion of the auditor general. Any audit or review shall be conducted in compliance with generally accepted auditing standards.

(2) Access.  All privatization contracts shall include a contract provision specifying language that provides public access to the complete contract.

(3) Fiscal accountability.  As part of the budgetary process, each state agency shall include in their submitted budget request a listing of all privatization contracts for the prior, current and subsequent fiscal years. For the prior fiscal year, the listing shall include the name of each contractor; a description of the services provided; the amount expended for the fiscal year; the positions employed by title, if applicable; and the hourly wage paid by position, if applicable. For the current and upcoming fiscal years, the listing shall include the name of each contractor, if known at the time the listing is prepared; a description of the services to be provided; the amount budgeted for the contract in each fiscal year; the positions to be employed by title, if known and applicable; and the hourly wage to be paid by position, if known and applicable. Positions shall be reflected as full-time equivalent positions. The listings shall be published annually online at the state’s transparency portal or an equivalent website, available for public inspection, no later than December 1 of each year.