reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.056 - Liability of public officials for loss of public funds.

When public funds deposits are made in accordance with ORS 295.001 to 295.108, a public official may not be held liable for any loss of public funds that results from the failure or default of any qualified depository without fault or neglect on the public official’s part. [2007 c.871 §12; 2019 c.587 §22]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.061 - Treasurer reports; filing; notification of changes; failure to file reports; rules.

(1) On or before the date on which each treasurer report is due, each qualified depository shall file the depository’s treasurer report with the State Treasurer using systems and processes prescribed by the State Treasurer in individual pledge agreements or by rule.
(2) Each qualified depository that files reports with the State Treasurer under subsection (1) of this section shall notify the State Treasurer in writing or by electronic means within three business days of:
(a) The date on which the qualified depository’s net worth is reduced by an amount greater than 10 percent of the amount shown as the depository’s net worth on the most recent report the depository submitted pursuant to subsection (1) of this section; or
(b) The date on which the qualified depository ceases to be well capitalized and becomes adequately capitalized or undercapitalized, or ceases to be adequately capitalized and becomes undercapitalized.
(3) An adequately capitalized qualified depository or an undercapitalized qualified depository shall report to the State Treasurer at least once each week the actual amount of uninsured public funds deposits the depository holds. The depository shall report using systems and processes prescribed by the State Treasurer in individual pledge agreements or by rule.
(4)(a) If a qualified depository fails to file the reports or provide the notices required under this section or fails to file the notices or reports required under ORS 295.018, the State Treasurer shall send a notice to each public official who has uninsured public funds on deposit in the depository that the depository failed to comply.
(b) If, after giving notice under paragraph (a) of this subsection, the State Treasurer receives notice that the qualified depository has filed the required reports or provided the required notices, the State Treasurer may notify each public official who was notified under paragraph (a) of this subsection that the depository has complied.
(5) If a qualified depository fails to comply with this section, the depository shall, within three business days after receiving notice from the State Treasurer, cease accepting deposits of uninsured public funds. [2007 c.871 §7; 2009 c.821 §15; 2010 c.101 §18; 2017 c.500 §7; 2019 c.587 §23]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.071 - Investigation by regulatory bodies other than State Treasurer.

(1) The State Treasurer may request that the Director of the Department of Consumer and Business Services or another state or federal agency with primary regulatory authority over a financial institution that is a qualified depository or that applies to become a qualified depository investigate and report to the State Treasurer concerning the condition of the financial institution.
(2) The financial institution examined under this section shall pay the expenses of the investigation and report.
(3) In lieu of an investigation and report, the State Treasurer may rely upon information that the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or a state bank, thrift or credit union regulatory agency makes available to the State Treasurer or to the Director of the Department of Consumer and Business Services. [2007 c.871 §8; 2010 c.101 §19; 2019 c.587 §24]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.073 - Report to State Treasurer of actions that reduce net worth of depository.

The Director of the Department of Consumer and Business Services shall advise the State Treasurer in writing of any action the director takes or directs a qualified depository to take that will reduce the depository’s net worth by more than 10 percent as shown on the most recent treasurer report submitted pursuant to ORS 295.061. [2007 c.871 §9; 2009 c.821 §16; 2010 c.101 §20; 2019 c.587 §25]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.081 - Time deposits.

(1) Subject to ORS 295.002, 295.015 and 295.018, a depository may offer in writing to accept from the State Treasurer time deposits in an unlimited amount or in an aggregate amount stated in the offer and to pay interest on the time deposits at rates specified in the offer. The offer shall continue until the depository delivers or mails, by registered or certified mail, notice to the State Treasurer that modifies or withdraws the offer. While the offer continues in effect, the depository must accept in accordance with the terms of the offer time deposits tendered by the State Treasurer.
(2) Funds the State Treasurer deposits on a time basis must be deposited at the highest rate of interest available for the amount and term of the deposit.
(3) The State Treasurer shall establish time deposits so as to make the deposited moneys as productive as possible, and shall exercise the judgment and care that a person of prudence, discretion and intelligence exercises in the management of the person’s own affairs, considering the probable income and the probable safety of the moneys deposited and considering the distribution of the deposits among depositories so as to minimize the possibility of loss of moneys. [Formerly 295.115; 2010 c.101 §21]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.084 - State Treasurer designation of depositories.

In the exercise of the powers and duties conferred under ORS 293.875, the State Treasurer shall designate those depositories or qualified depositories that may be used by state agencies for collecting drafts, checks, certificates of deposit and coupons in satisfaction of a payment obligation owed to the state agency. [Formerly 295.135; 2010 c.101 §22; 2019 c.587 §26]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.091 - Geographic preference in selecting depositories; apportioning funds; interest.

(1) A public official need not deposit public funds in a depository in a particular locality, but the public official shall give preference to a depository that is engaged in business at an office within the corporate limits of the public official’s public body. If more than one local depository exists, the public official shall apportion the public funds among the local depositories in a manner that is equitable and in the best interests of the public body.
(2) The depositories shall pay interest to the public body for deposits evidenced by certificates of deposit or deposits that by agreement may not be withdrawn on less than 30 days’ notice, at the rate or rates upon which the public body and the depository agree.
(3) Interest received on deposits of moneys under this section accrues to and becomes a part of the fund the moneys of which were deposited.
(4) This section does not apply to the State Treasurer. [Formerly 295.155; 2010 c.101 §23; 2019 c.587 §27]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.093 - Depositing moneys with treasurer of public body.

Any public official may deposit moneys coming into the hands of the public official in connection with official duties with the treasurer of the public body concerned and obtain a receipt therefor. [Formerly 295.165; 2019 c.587 §28]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.097 - State agency agreements with third parties; State Treasurer approval; rules.

With the written approval of the State Treasurer, a state agency may enter into an agreement with a third party under which the third party facilitates the receipt, collection, transfer, disbursement or payment of public funds and temporarily holds or deposits public funds. A state agency may use alternative methods to those set forth in this chapter to secure public funds that are collected, deposited or transferred by a third party, if the methods collateralize the public funds at 100 percent and the State Treasurer approves the methods by rule or policy that sets forth how the methods are intended to protect public funds from loss by the third party and by any financial institution used by the third party. The State Treasurer may establish rules, procedures, standards and related requirements that the State Treasurer considers necessary to implement this section. [2011 c.253 §2; 2019 c.587 §29]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.098 - Public body agreements with third parties; alternative methods.

(1) A public official who enters into an agreement with a third party, under which the third party facilitates the receipt, collection, transfer, disbursement or payment of public funds and temporarily holds or deposits public funds, may use alternative methods to those set forth in this chapter to secure public funds that are held or deposited by the third party if the methods meet the following requirements:
(a) The alternative methods must be approved by an official action of the governing body or appropriate public official of the public body. The official action must include findings by the governing body or public official describing any financial institution used by the third party and how the alternative methods will protect public funds from loss by the third party; and
(b) The alternative methods must be designed so that the public funds are fully secured while held or deposited by the third party and until the funds are remitted to the public body. A public official shall calculate the minimum amount of collateral required of a third party as follows:
(A) For the initial calendar quarter of the agreement, the public official shall calculate the minimum amount of collateral to equal a reasonable estimate of the highest amount of public funds that the third party is expected to hold or deposit unremitted at any time within the initial calendar quarter.
(B) Within the first month of each calendar quarter subsequent to the initial calendar quarter of the agreement, the public official shall recalculate the minimum amount of collateral to equal a reasonable estimate of the highest amount of public funds that the third party is expected to hold or deposit unremitted at any time within the current calendar quarter based on factors that must include but are not limited to:
(i) The highest amount of public funds that the third party held or deposited unremitted at any time on any day within the preceding calendar quarter; and
(ii) Any reasonably expected increase or decrease in the amount of public funds the third party is expected to hold or deposit within the current calendar quarter.
(2) If the State Treasurer prepares a model policy related to acceptable alternative methods as described in subsection (1) of this section, a governing body may adopt all or part of the model policy.
(3) This section does not apply to a public body that is a state agency.
(4) As used in this section, "collateral" means cash or a letter of credit or similar instrument intended to ensure payment, approved by a governing body or appropriate public official of a public body, to be used as security to ensure the obligations of a third party. [2019 c.587 §30]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.101 - Public funds not subject to ORS 295.001 to 295.108.

(1) The following public funds are not subject to the provisions of ORS 295.001 to 295.108:
(a) Funds that are deposited for the purpose of paying principal, interest or premium, if any, on bonds, as defined in ORS 286A.001 and 287A.001, and related costs or securing a borrowing related to an agreement for exchange of interest rates entered into under ORS 286A.110 or 287A.335.
(b) Funds that are invested in authorized investments under provisions of law other than ORS 295.001 to 295.108. Funds invested under ORS 293.701 to 293.857 are invested in authorized investments for purposes of this subsection from the time the funds are transferred by the State Treasurer to a third party under the terms of a contract for investment or administration of the funds that requires such a transfer until the time the funds are returned to the treasurer or paid to another party under the terms of the contract.
(c) Negotiable certificates of deposit purchased by the State Treasurer under ORS 293.736 or by an investment manager under ORS 293.741.
(d) Funds that are held by a public official as required by federal law, a judicial or regulatory order, settlement agreement, consent decree or similar arrangement. To the extent allowed by such federal law, order, agreement, decree or arrangement, the public official shall require the funds to be protected in a manner consistent with the provisions of this chapter.
(e) Funds that are held pursuant to a contract with provisions that require the funds to be collateralized at 100 percent, if the funds are deposited into an account that is separate from other accounts of the holder of the funds and the public official and the financial institution in which the funds are deposited have entered into a written agreement that provides a perfected security interest to the public official in collateral valued at an amount at least equal to the amount of funds in the account, in a manner substantially similar to a pledge agreement described in ORS 295.001 (17).
(f) Funds that are held by a trustee or escrow agent, whether commingled with other moneys or in a segregated account, if the trust or escrow agreement provides for collateral or other methods that may be used to secure the moneys that comply with rules or policies adopted by the State Treasurer to protect the funds from loss by the financial institution in which they are deposited.
(2) Notwithstanding subsection (1) of this section, funds deposited by a custodial officer under ORS 294.035 (3)(d) are subject to the provisions of ORS 295.001 to 295.108. [Formerly 295.011; 2011 c.667 §5; 2019 c.503 §§1,2; 2019 c.587 §31]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.103 - Certain moneys related to motor carriers not public funds.

(1) This section applies to the following moneys:
(a) Motor fuel taxes, penalties and interest that are:
(A) Imposed on motor carriers; and
(B) Payable through a clearinghouse operated under an international fuel tax agreement entered into under ORS 825.555; and
(b) Registration fees and other fixed fees and taxes that are:
(A) Imposed on motor carriers for motor vehicles proportionally registered in this state and other jurisdictions;
(B) Apportioned to this state; and
(C) Payable through a clearinghouse operated under an agreement for proportional registration entered into under ORS 826.007.
(2) Moneys described in subsection (1) of this section are not public funds for purposes of ORS 295.001 to 295.108 for the period during which the moneys are held by a clearinghouse described in subsection (1) of this section pending disbursement to, or payment on behalf of, the state. [2019 c.491 §31]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.106 - State Treasurer charges; expenses.

The State Treasurer may charge depositories for the State Treasurer’s reasonable expenses in connection with the State Treasurer’s services, duties and activities under ORS 295.001 to 295.108. The State Treasurer shall deposit all moneys received under this section in the Miscellaneous Receipts Account established in the General Fund for the State Treasurer. Moneys received under this section are continuously appropriated to the State Treasurer to pay the State Treasurer’s reasonable expenses in connection with the State Treasurer’s services, duties and activities under ORS 295.001 to 295.108. A depository shall pay to the State Treasurer all fees and other amounts charged under this section or under rules adopted to implement this section. The State Treasurer may withdraw from a pledge agreement with a depository if the depository does not pay the fees and other amounts charged. [2007 c.871 §5; 2010 c.101 §24]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.108 - State Treasurer rules; form of report.

(1) The State Treasurer shall adopt rules to implement the provisions of ORS 295.001 to 295.108, including without limitation:
(a) Rules describing permitted forms of collateral and the valuation of collateral;
(b) Requirements that must be met by financial institutions and other third parties outside this state to hold public funds;
(c) Fees paid by qualified depositories or custodians; and
(d) Reporting by depositories, qualified depositories and custodians.
(2) The State Treasurer shall design the treasurer report required by ORS 295.061 to minimize the regulatory burden of completing and submitting the report and, to the greatest extent practicable, to make the form of the report and the content required in the report consistent with the information required by the qualified depository’s report of condition and income. [2007 c.871 §14; 2010 c.101 §25; 2019 c.587 §32]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.195 - Deposit of funds in foreign country; effect on collateral; report to Legislative Assembly.

(1) Notwithstanding any other provision of this chapter, to the extent estimated to be necessary to fund operations or activities for one biennium of the State of Oregon in a foreign country, the State Treasurer may deposit funds in a financial institution in a foreign country.
(2) When funds are deposited in a financial institution in a foreign country pursuant to subsection (1) of this section, the institution shall not be required to maintain collateral as provided in ORS 295.015. Reasonable and prudent measures to protect the public funds from loss shall be exercised to the extent permitted under the laws of the foreign country.
(3) The State Treasurer shall report to the Legislative Assembly biennially on the amounts of deposits in foreign countries, and the operation and activities funded by such deposits. The report shall be submitted to the offices of the President of the Senate and the Speaker of the House of Representatives and shall be referred by each of them to appropriate standing committees other than committees concerned with budgets of the State Treasurer or the activity or operation so funded. [1983 c.374 §§1,2; 1989 c.399 §1; 2009 c.762 §56; 2015 c.767 §13]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 295 - Depositories of Public Funds and Securities › Section 295.205 - Accounts in financial institutions outside Oregon; conditions; rules.

(1) Notwithstanding any other law:
(a) The State Treasurer may establish demand deposit accounts in financial institutions outside this state for the purpose of accepting deposits of funds related to state investments in the geographical areas that the financial institutions serve.
(b) Moneys that a financial institution or other entity receives or collects under an agreement to provide loan servicing for a state agency or public body may be deposited in accounts in financial institutions outside this state for the purpose of:
(A) Accepting payments of loan principal and interest;
(B) Accepting and holding escrow funds;
(C) Accepting and holding funds required to be held in reserve with or on behalf of the state agency or public body; or
(D) Collecting and holding other moneys the financial institution must collect and hold for loan servicing under the agreement before remitting the moneys to the state agency, public body or a third party.
(c) Public funds held by a trustee or escrow agent pursuant to a trust agreement, bond indenture, certificate of participation indenture, escrow agreement or similar agreement with a state agency or public body may be deposited in accounts in financial institutions outside this state.
(2) The State Treasurer shall establish the demand deposit accounts described in subsection (1)(a) of this section in accordance with rules adopted pursuant to ORS 183.310 to 183.410 that ensure that reasonable and prudent measures are taken to protect state investment funds from loss.
(3) When accounts are established for a state agency or public body under subsection (1)(b) or (c) of this section, the state agency or public body shall require in the relevant agreement or indenture that reasonable and prudent measures are taken to protect the moneys in the accounts from loss.
(4) As used in this section, the terms "financial institution outside this state" and "public body" have the meanings given those terms in ORS 295.001. [1993 c.69 §1; 1995 c.259 §5; 1997 c.171 §15; 2007 c.871 §24; 2010 c.101 §26; 2019 c.587 §33]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.010 - Division of Audits; director and staff.

There is established the Division of Audits to be maintained under the supervision and control of the Secretary of State and operated as one of the divisions of the secretary’s office. The Secretary of State shall assign or appoint a director of the division and such other assistants, accountants, auditors and clerks, upon such terms and for such compensation, as the secretary deems advantageous and necessary to carry out the duties and functions of the division. [1985 c.509 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.020 - Functions and duties of Division of Audits; moneys available for use by division.

(1) The Division of Audits shall have the function and duty of carrying out the provisions of ORS 297.070, 297.210, 297.230, 297.405 to 297.555, 297.990 and this section.
(2) All moneys received under authority of the sections listed in subsection (1) of this section and moneys appropriated for use by the Secretary of State in carrying out the provisions of those sections hereby are made available for use by the Division of Audits. [Amended by 1977 c.774 §19; 1979 c.286 §6; 2019 c.567 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.030 - Audits, reviews and investigations; rules.

(1) The audits, reviews or investigations authorized to be made by the Secretary of State may be assigned to the Division of Audits as a part of its functions and duties.
(2) The Secretary of State may adopt rules, standards and criteria relating to audits conducted by the Division of Audits as the Secretary of State deems necessary or advisable. [Amended by 1955 c.287 §18; 1987 c.143 §1; 2019 c.567 §4]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.040 - Payment of costs and expenses of audits authorized by ORS 297.030.

The costs and expenses of conducting audits authorized by ORS 297.030 shall be paid from whatever funds are appropriated by law for use in carrying out the provisions of the respective laws relating thereto. The costs and expenses shall be charged and billed to such funds or activities in the same manner as are costs and expenses charged and billed for audits, reviews, investigations and system installations to municipal corporations and the various state departments, boards and commissions. [Amended by 1987 c.143 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.050 - Supply of audit reports to Joint Legislative Audit Committee and Legislative Fiscal Officer; peer review.

(1) The Division of Audits of the office of the Secretary of State shall supply the Joint Legislative Audit Committee and the Legislative Fiscal Officer with a copy of each audit report made by or for the Division of Audits.
(2) The Division of Audits shall cause a periodic peer review to be completed as required by the standards of the United States Government Accountability Office. The Division of Audits shall supply a copy of each peer review report to the committee. [1959 c.70 §10; 1997 c.847 §5; 2008 c.7 §7; 2017 c.532 §6; 2019 c.567 §5]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.060 - Confidentiality of tax records; penalty for disclosure.

Information furnished to the Secretary of State by the Department of Revenue and made confidential by ORS 314.835 shall be used by the Secretary of State and the officers and employees of the Secretary of State solely for the purposes of performing the functions of the office of Auditor of Public Accounts as required by section 2, Article VI of the Oregon Constitution, and shall not be used or disclosed for any other purpose. Any person who violates this prohibition against disclosure, upon conviction, is punishable as provided by ORS 314.991 (2). [1979 c.690 §17]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.065 - Oversight of performance audits and evaluation by Joint Legislative Audit Committee.

(1) It is the policy of this state that state government services be delivered with the highest level of desired effectiveness at the lowest possible cost.
(2) The Joint Legislative Audit Committee may provide oversight of the conduct of performance audits and program evaluations, that are outside the authority of the Secretary of State under section 2, Article VI of the Oregon Constitution, of state departments, boards, commissions, institutions and state-aided institutions and agencies. [1997 c.847 §2; 2019 c.567 §6]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.076 - Audit plans.

(1) The Secretary of State shall, on a fiscal year basis, prepare an annual audit plan for performance audits, as defined in ORS 297.070, of state departments, boards, commissions, institutions and state-aided institutions and agencies. The audit plan must be based on a risk assessment methodology. The Secretary of State shall seek, in the audit plan, to prioritize audits recommended by the Joint Legislative Audit Committee.
(2) The Division of Audits shall provide a draft of the audit plan and the risk assessment methodology used to prepare the plan to the committee for review and comment no later than February 1 of the fiscal year preceding the fiscal year to which the audit plan applies. No later than 90 days after the close of each regular session of the Legislative Assembly, the Division of Audits shall prepare and provide to the committee an amended audit plan that reflects changes, if any, resulting from legislation.
(3) The Division of Audits shall publish the audit plan no later than 30 days prior to its implementation. After publication of the audit plan, the Division of Audits shall notify the committee of any substantive changes to the audit plan.
(4) If the committee recommends an audit not included in the published audit plan, the committee shall provide the Secretary of State with the subject of the audit and available relevant information regarding the subject.
(5) If the Secretary of State intends to conduct an audit not included in the published audit plan, the Secretary of State shall notify the committee prior to the initiation of the audit. Such notification must include any anticipated change to the published audit plan. If the Secretary of State determines that an additional audit, as well as all audits in the published audit plan, cannot be completed with available resources, the Legislative Assembly may provide funding to the Division of Audits for expenses incurred for the audit. If the Legislative Assembly does not provide such funding, the Secretary of State shall amend the audit plan. [2019 c.567 §8]
Note:
297.076 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 297 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.100 - Audit information in Governor’s budget; report.

(1) In the Governor’s budget required under ORS 291.202, the Governor shall identify any new or enhanced funding or savings included in the budget as a result of implementation of audit findings or recommendations.
(2) Each biennium, the Governor shall prepare a report to accompany the Governor’s budget on the status of implementation of action plans by state agencies in response to audit findings and recommendations. [2019 c.567 §9]
Note:
297.100 and 297.103 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 297 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.103 - Audit information in Secretary of State budget.

In the agency request budget submitted by the Secretary of State under ORS 291.208, the Secretary of State shall specify the amounts estimated to be expended in the biennium during which the agency request budget is prepared for categories of audit and related services, including fiscal audits, performance audits, information technology audits, the Government Waste Hotline and audit follow-up reviews. [2019 c.567 §10]
Note:
See note under 297.100.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.110 - Definitions for ORS 297.120.

As used in this section and ORS 297.120:
(1) "Public official" means any person who is serving a state agency as an officer, employee, member, agent or otherwise, regardless of whether the person is compensated for the person’s services.
(2) "State agency" means any state department, division, bureau or other agency or body headed by an elected or appointed state officer or member of a board or commission. [1963 c.617 §1; 1993 c.718 §1; 2007 c.219 §1; 2016 c.117 §53]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.120 - Division of Audits investigation of state agency loss of public funds or property; report to Governor.

(1) When a state agency sustains a loss of $100 or more of public funds or property under circumstances involving a public official who is entrusted with the custody of the funds or property or who is charged with the duty to account for the funds or property, the agency shall, within 30 days after discovery of the loss, report the loss in writing to the Division of Audits.
(2) Within 30 days after receiving the report under subsection (1) of this section, the division shall determine whether to investigate the loss.
(3) If the division investigates a loss, the division shall prepare a report regarding the accountability of the public official for the loss. The report shall be presented to the Governor. [1963 c.617 §2; 1969 c.199 §48; 1991 c.219 §2; 1993 c.718 §2; 2007 c.219 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.230 - Estimate and payment of costs and expenses of audits; legislative report; crediting moneys to Division of Audits Account.

(1) The Division of Audits shall estimate in advance the expenses that it will incur during the biennium in carrying out the provisions of ORS 297.030, 297.120 and 297.210, and shall charge officers, departments, boards and commissions of state government and other public bodies for their share of such expenses for periods within the biennium and in sufficient amounts to provide reasonable cash operating requirements for the Division of Audits within the biennial period. Each officer, department, board or commission or other public body shall pay to the credit of the Division of Audits Account such charge as an administrative expense from funds or appropriations available to it in the same manner as other claims against the state or public body are paid.
(2) Payments authorized under this section shall be consistent with ORS 171.580 and 171.585. The Division of Audits shall report to the Joint Legislative Audit Committee established under ORS 171.580 when estimated expenses for an audit authorized under subsection (1) of this section exceed the estimated expenses for a biennium.
(3) All moneys received from the various state departments, boards, commissions, institutions and state-aided institutions and agencies of the state in the payment of the costs of audits and reviews under this section and ORS 297.210 shall be credited to the Division of Audits Account. [Amended by 1977 c.774 §20; 1987 c.143 §4; 1993 c.724 §24; 1999 c.324 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.250 - Filing of risk assessment or audit by state agency with Division of Audits.

(1) An agency of the executive department that completes a risk assessment or internal audit under ORS 184.360, or that prepares an independent audit under ORS 352.124 or 353.160, shall file the completed risk assessment or internal audit with the Division of Audits of the Office of the Secretary of State.
(2) Nothing in this section affects the constitutional duties and authority of the Secretary of State to audit public accounts. [2009 c.578 §2; 2013 c.768 §50]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.300 - Audit of records related to certain charges paid to nongovernmental entity.

The records related to any funds collected pursuant to ORS 757.054, through natural gas tariffs or through public purpose charges pursuant to ORS 757.612 and paid to a nongovernmental entity as described in ORS 757.746 shall be subject to audit by the Secretary of State. [2009 c.813 §2; 2021 c.547 §19]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.405 - Definitions for ORS 297.020, 297.230, 297.405 to 297.740 and 297.990.

As used in ORS 297.020, 297.230, 297.405 to 297.740 and 297.990:
(1) "Accountants" means all accountants whose names are included in the roster prepared and maintained by the Oregon Board of Accountancy as required by ORS 297.670.
(2) "Accounts" means all books, papers, files, letters and records of any nature or in any form used in conducting the affairs of the municipal corporation or in recording the transactions thereof.
(3) "Board" means the Oregon Board of Accountancy.
(4) "Fiscal affairs" means and includes all activities of any nature giving rise to or resulting from financial transactions, including compliance with legal requirements applicable to the operation of a municipal corporation.
(5) "Municipal corporation" means a:
(a) City;
(b) County;
(c) Special district;
(d) School district or an education service district;
(e) Corporation, except a municipal corporation established pursuant to ORS 441.525 to 441.595, upon which is conferred powers of the state for the purpose of local government; or
(f) Public corporation, including a cooperative body formed between municipal corporations.
(6) "Public corporation" means a corporation the operation of which is subject to control by local government or its officers and which, at least in part, is organized to serve a public purpose of, and receives public funds or other support having monetary value from, such government. [1977 c.774 §2; 1979 c.286 §7; 1987 c.423 §1; 2005 c.443 §15; 2011 c.647 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.415 - Periodic financial reports required.

The Secretary of State shall require that periodic reports of financial condition and financial operations be prepared and submitted to the Secretary of State by municipal corporations in such form and at such times as the Secretary of State considers necessary. The periodic reports may be required of all municipal corporations. [1977 c.774 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.425 - Annual audits required; compensation; expenses; subjects of audits; rules.

(1) Except as provided in ORS 297.435, the accounts and fiscal affairs of every municipal corporation shall be audited and reviewed at least once each fiscal year. The audits and reviews shall be made by accountants pursuant to contracts entered into by the governing body, or managing or executive officer, and accountants, or by the Secretary of State pursuant to a duly adopted ordinance or resolution. Upon request of the secretary, the governing body, or managing or executive officer, shall provide the secretary with a copy of the contract entered into or an ordinance or resolution adopted under this section.
(2) The compensation for audits and reviews performed by accountants shall be as agreed upon between the governing body, or managing or executive officer of the municipal corporation, and the accountant, and shall be paid in the same manner as other claims against the municipal corporation are paid.
(3) All expenses and costs incurred by the Secretary of State in conducting audits and reviews for municipal corporations shall be borne by the municipal corporation for which a particular audit or review is made. The expenses and costs shall be paid to the secretary in the same manner as other claims against the municipal corporation are paid.
(4) Audits and reviews required by this section shall be performed in accordance with standards promulgated by the American Institute of Certified Public Accountants and shall inquire into principles of accounting, methods of operations and compliance with regulations as identified by rule of the Secretary of State. [1977 c.774 §4; 1987 c.143 §5; 2001 c.26 §1; 2007 c.184 §1; 2015 c.29 §1; 2023 c.10 §4]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.435 - Exemption from audit; financial statement and bonding required; rules.

(1) Subject to ORS 297.445, ORS 297.425 does not apply to any municipal corporation, except a county or a school district, if, with respect to any one fiscal year, the municipal corporation meets all the conditions in either subsection (2) or (3) of this section.
(2)(a) Total expenditures did not exceed $250,000 for the year;
(b) The municipal corporation has submitted financial statements for the year to the Secretary of State within 90 days following the end of the year; and
(c) A certificate has been submitted with the financial statements stating that the principal responsible official of the municipal corporation was covered during the entire year by a fidelity or faithful performance bond in an amount at least equal to the total amount of moneys received by the municipal corporation during the year.
(3)(a) Total expenditures exceeded $250,000 but did not exceed $1,000,000 for the year;
(b) The municipal corporation has submitted financial statements for the year to the Secretary of State within 180 days following the end of the year, and an accountant or the Secretary of State has performed the procedures established under subsection (5) of this section on the financial statements; and
(c) A certificate has been submitted with the financial statements stating that the official responsible for receiving and disbursing moneys on behalf of the municipal corporation was covered during the entire year by a fidelity or faithful performance bond in an amount at least equal to 10 percent of the total receipts for the year, but not less than $25,000.
(4) The financial statements required by this section shall be in a form prescribed by the Secretary of State and shall be considered audit reports for the purpose of the filing fee required by ORS 297.485.
(5)(a) The Secretary of State shall, by rule, establish procedures to be performed on financial statements under subsection (3) of this section that the secretary deems appropriate to:
(A) Address risks to municipal corporations; and
(B) Ensure compliance by municipal corporations with applicable laws.
(b) In adopting or amending rules under this subsection, the Secretary of State shall consult with the Oregon Board of Accountancy, the Oregon Society of Certified Public Accountants and one or more organizations representing municipal corporations. [1977 c.774 §5; 1981 c.245 §1; 1997 c.401 §1; 2007 c.709 §1; 2023 c.10 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.445 - Petition to audit municipal corporation exempt under ORS 297.435; notice to corporation; audit.

(1) ORS 297.435 does not apply to a municipal corporation for any fiscal year if a petition requesting an audit, signed by residents of the municipal corporation who are subject to taxes, fees, assessments or other charges levied by the municipal corporation, is filed with the Secretary of State within six months of the end of the fiscal year for which the audit is requested. In a municipal corporation with a population of 150 or less, the petition must be signed by at least 10 residents. In a municipal corporation with a population of more than 150, the petition must be signed by at least 30 residents.
(2) The Secretary of State shall give notice of the petition to the governing body of the municipal corporation within 10 days of its receipt. Upon receipt of notice of the petition from the Secretary of State, the governing body or managing or executive officer of the municipal corporation shall immediately comply with the provisions of ORS 297.425. If a copy of a signed contract between the governing body or managing or executive officer and an accountant, or a duly authorized ordinance or resolution requesting an audit by the Secretary of State, is not received within 30 days of the dispatch of notice of petition, the Secretary of State shall cause an audit and review to be made of the accounts and fiscal affairs of the municipal corporation designated in the petition.
(3) The costs incurred by the Secretary of State in making the audit and review shall be borne by the municipal corporation, and shall be paid to the Secretary of State in the same manner as other claims against the municipal corporation. [1977 c.774 §6; 1987 c.143 §6; 2003 c.326 §1; 2023 c.10 §11]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.466 - Auditor statement required; procedure for determining and correcting deficiencies.

(1) In performing an audit and review required under ORS 297.425, the accountant under contract with the municipal corporation or the Secretary of State, whoever performs the audit and review, shall determine if the municipal corporation has, or has not, followed generally accepted accounting principles in reporting its financial condition and operations, established appropriate accounting systems and internal controls and substantially complied with legal requirements in conducting its financial affairs. The determination shall either be included in the signed expression of opinion or otherwise disclosed in the audit report required under ORS 297.465.
(2) Upon receipt of an audit report under ORS 297.465, the governing body of a municipal corporation shall determine the measures it considers necessary to address any deficiencies disclosed in the report. The governing body shall adopt a plan of action to address the deficiencies. The plan must include the estimated period of time necessary to complete the planned actions.
(3) Within 30 days after filing an audit report with the Secretary of State under ORS 297.465, a municipal corporation shall file with the secretary a copy of the plan of action adopted under subsection (2) of this section.
(4) As used in this section, "generally accepted accounting principles" means those accounting principles sanctioned by recognized authoritative bodies such as the Governmental Accounting Standards Board, the American Institute of Certified Public Accountants, the Financial Accounting Standards Board or their successors. [1979 c.646 §2; 1981 c.245 §3; 1987 c.143 §8; 2007 c.184 §3; 2015 c.29 §3; 2023 c.10 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 297 - Audits of Public Funds and Financial Records › Section 297.471 - Secretary of State to prepare summary report.

(1) For each fiscal year under audit, the Secretary of State shall prepare and maintain a summary report that includes, at a minimum:
(a) A list of the municipal corporations that were required to file audit reports with the secretary for the fiscal year as required by ORS 297.405 to 297.555;
(b) A list of the municipal corporations that filed audit reports with the secretary within six months after the close of the fiscal year under audit;
(c) A list of the municipal corporations that did not request a filing extension and did not file audit reports with the secretary within six months after the close of the fiscal year under audit;
(d) A list of the municipal corporations that requested and were granted filing extensions and either filed or did not file audit reports with the secretary in accordance with the approved extension;
(e) A list of the number and type of deficiencies cited in the audit report by the accountants for each municipal corporation for the fiscal year under audit; and
(f) A description of whether the municipal corporation submitted a plan of action for deficiencies cited in the audit report for the fiscal year under audit to the secretary as described in ORS 297.466 (2) and (3).
(2) Not later than March 1 of each odd-numbered year, the Secretary of State shall submit to the appropriate legislative committee with authority over audits copies of the two most recent summary reports prepared under subsection (1) of this section. The secretary shall make the summary reports available for public inspection in accordance with the secretary’s established procedures. [2015 c.29 §5; 2023 c.10 §12]