2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 588x - Capital Region Development Authority › Section 32-605. - Reports. Audits. Compliance of operations.

(a) In lieu of the report required under section 1-123, within the first ninety days of each fiscal year of the Capital Region 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 or any economic development project in the capital region 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 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) 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.
(c) The authority shall designate a contract compliance officer from the staff of the authority to monitor compliance of the operations of facilities under the management or control of the authority, 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; P.A. 12-147, S. 14; P.A. 14-227, S. 2; P.A. 18-137, S. 11.)
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; P.A. 12-147 amended Subsec. (a) to replace “Capital City Economic Development Authority” with “Capital Region Development Authority” and add “or any economic development project in the capital region in which the authority is involved”, deleted former Subsec. (d) re two-year performance review report, redesignated existing Subsec. (e) as Subsec. (d) and amended same by deleting reference to convention center operations and adding provision re facilities under management or control of authority, effective June 15, 2012; P.A. 14-227 amended Subsec. (b) to delete provision re compliance audit in lieu of audit required under Sec. 1-122 and amended Subsec. (c) to delete provision re annual audit by Auditors of Public Accounts; P.A. 18-137 deleted former Subsec. (b) re contract for compliance audit and redesignated existing Subsecs. (c) and (d) as Subsecs. (b) and (c), effective June 11, 2018.
See Sec. 32-651 re applicable definitions.