(1) (a) For each fiscal year, the controller shall prepare a financial report for the state for purposes of ascertaining compliance with the provisions of this article. Any financial report prepared pursuant to this section shall include, but shall not be limited to, state fiscal year spending, reserves, revenues, revenues that the state is authorized to retain and spend pursuant to voter approval of section 24-77-103.6, and debt. Such financial report shall be audited by the state auditor.
(b) Notwithstanding section 24-1-136 (11)(a)(I), based upon the financial report prepared in accordance with subsection (1)(a) of this section for any given fiscal year, the controller shall certify to the governor, the general assembly, and the executive director of the department of revenue no later than September 1 following the end of a fiscal year the amount of state revenues in excess of the limitation on state fiscal year spending imposed by section 20 (7)(a) of article X of the state constitution, if any, for such fiscal year and the state revenues in excess of such limitation that the state is authorized to retain and spend pursuant to voter approval of section 24-77-103.6.
Any financial report prepared and certification of state excess revenues made pursuant to subsection (1) of this section shall be audited by the state auditor. No later than September 15 following the certification made by the state controller for any given fiscal year, the state auditor shall report and transmit to the governor, the joint budget committee, the finance committees of the house of representatives and the senate, and the executive director of the department of revenue the results of any audit conducted in accordance with this subsection (2).
Notwithstanding any generally accepted accounting principles to the contrary, financial reports prepared pursuant to subsection (1) of this section shall not include any unrealized gains or losses on investments held by the state.
Source: L. 94: Entire section added, p. 1090, § 2, effective May 4. L. 98: Entire section amended, p. 848, § 2, effective May 26. L. 99: Entire section amended, p. 787, § 2, effective May 24; entire section amended, p. 1330, § 2, effective June 3; entire section amended, p. 1287, § 2, effective August 4; entire section amended, p. 1294, § 2, effective August 4; entire section amended, p. 1316, § 2, effective August 4. L. 2001: (2) amended, p. 1178, § 9, effective August 8. Referred 2005: (1) amended, p. 2325, § 2, effective upon proclamation of the governor, December 16, 2005. L. 2017: (1)(b) amended, (HB 17-1058), ch.18, p. 60, § 10, effective March 8.
Editor's note: Subsection (1) was amended by House Bill 05-1194. That bill contained a referendum clause and was approved by a vote of the registered electors of the state of Colorado on November 1, 2005. Subsection (1) was effective upon the proclamation of the governor, December 16, 2005. The vote count for the measure was as follows:
FOR: 600,222
AGAINST: 552,662
Cross references: For the legislative declaration contained in the 1998 act amending this section, see section 1 of chapter 229, session laws of Colorado 1998.