30 V.S.A. § 8071
2021 Vermont Statutes|Title 30 - Public Service|Chapter 91 - Vermont Telecommunications Authority|§ 8071. Quarterly and annual reports; audit

§ 8071. Quarterly and annual reports; audit|(a) Annual reports. On or before the last day of January of each calendar year, the Authority shall submit a report of its activities for the preceding fiscal year to the Governor and to the General Assembly. Each report shall set forth a complete operating and financial statement covering its operations during the year. 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 a copy shall be filed with the State Treasurer. Audits performed by a public accountant under this section shall be conducted in accordance with generally accepted government auditing standards, including the issuance of a report on internal control over financial reporting that shall be provided to recipients of the financial statements.(b) Auditor examinations. 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.(c) Quarterly reports. Within 30 days of the end of each quarter, the Authority shall, in addition to any other reports required under this section, submit a report of its activities for the preceding quarter to the House Committee on Corrections and Institutions and the Senate Committee on Institutions which shall include the following:  (1) a description of all Authority activities to develop or facilitate development of telecommunications infrastructure that furthers the objectives of this chapter; (2) financial statements of the Authority, a summary of expenditures by the Authority since inception, and a forecast of expenditures; (3) a summary of any financial commitments made by the Authority; (4) a list and summary of all contracts and agreements entered into by the Authority, and a list and summary of any rail right-of-way agreements entered into by the Authority, including any waivers of charges for comparable value to the State granted under 19 V.S.A. § 26a; (5) a current business plan for the Authority, including an explanation of significant changes subsequent to the most recent previous report; (6) identification of the impact of its activity on existing business providers.   (d) Summaries. The Authority shall include in the annual report required under subsection (a) of this section a summary of all the information quarterly reported to the House Committee on Corrections and Institutions and the Senate Committee on Institutions under subsection (c) of this section, as well as a summary of any and all instances in which service providers that have entered into contracts or binding commitments with the Authority have materially defaulted, been unable to fulfill their commitments, or have requested or been granted relief from contractual or binding commitments. (Added 2007, No. 79, § 1, eff. June 9, 2007; amended 2011, No. 53, § 19, eff. May 27, 2011; 2011, No. 139 (Adj. Sess.), § 29, eff. May 14, 2012.)