49-1204. Annual audit and report

A. The board shall cause an audit to be made of the funds administered by the authority. The audit shall be conducted by a certified public accountant within one hundred twenty days after the end of the fiscal year.  The board shall immediately file a certified copy of the audit with the auditor general.

B. The auditor general may make any further audits and examinations as deemed necessary and may take appropriate action relating to the audit or examination pursuant to title 41, chapter 7, article 10.1. If the auditor general takes no official action within twenty days after the audit is filed, the audit is deemed sufficient.

C. The board shall pay any fees and costs of the certified public accountant and auditor general under this section from the funds administered by the board.

D. Not later than January 1 of each year the board shall make an annual report of its activities, including a copy of the annual audit, to the governor, the president of the senate and the speaker of the house of representatives.

E. In addition to the reporting requirements of subsection D of this section, not later than January 1 of each year, the board shall make an annual report that summarizes financial assistance, including forgivable principal, awarded by the board pursuant to section 11-671, subsection G.  The report shall include all of the following:

1. The number and location of cesspools that have been remediated or replaced using financial assistance, including forgivable principal.

2. The total amount of financial assistance, including forgivable principal, that was awarded and forgiven.

3. Recommendations for improving the administration of financial assistance, including forgivable principal, that is awarded for the remediation, closure or replacement of cesspools pursuant to section 11-671, subsection G.