Second Regular Session
              Sixty-eighth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 12-0562.01 Bob Lackner x4350    SENATE BILL 12-140
                   SENATE SPONSORSHIP
 Grantham,  Cadman, Scheffel, Harvey, King S., Lundberg, Neville, Renfroe, Roberts
 
                    HOUSE SPONSORSHIP
 (None),
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the adoption of generally accepted accounting
            principles by the government of the state.
       
       
                           Bill Summary
       
            (Note: This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            The bill requires the state controller, not later than January 1, 2014,
       to devise and maintain for all of the executive departments and agencies
       of state government a comprehensive budgeting, accounting, and
       reporting system in conformity with generally accepted accounting
       principles applicable to state governments. To guide the executive
       departments and state agencies in their use of this system,
       contemporaneously with the implementation of the system, the bill
       requires the controller to publish the components of such system and any
       applicable standards in an accounting procedures manual.    
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, 24-30-201, add (3)
       as follows:
            24-30-201.  Accounts and control - controller - declaration.
       (3) (a)  The general assembly hereby finds, determines, and
       declares that:
            (I)  Because traditional forms of accounting used in state
       government generally do not provide useful cost information
       to government managers, such governments are inhibited in
       their mission to provide the best service to the public at the
       lowest cost;
            (II)  Traditional forms of government accounting should
       be replaced with a system of accounting based upon generally
       accepted accounting principles that are generally used in the
       private sector; and
            (III)  Armed with the better cost information provided by
       the use of generally accepted accounting principles, dedicated
       government managers will not only be empowered to become
       better managers but will also find and implement alternative
       service delivery methods that will bring previously unimagined
       efficiencies to the delivery of public services.
            (b)  Not later than January 1, 2014, the controller shall
       devise and maintain for all of the executive departments and
       agencies of state government a comprehensive budgeting,
       accounting, and reporting system in conformity with generally
       accepted accounting principles applicable to state governments.
       To guide the executive departments and state agencies of the
       state in their use of this system, contemporaneously with the
       implementation of the system, the controller shall publish the
       components of such system and any applicable standards in an
       accounting procedures manual.
            SECTION 2.  Act subject to petition - effective date. This act
       takes effect at 12:01 a.m. on the day following the expiration of the
       ninety-day period after final adjournment of the general assembly (August
       8, 2012, if adjournment sine die is on May 9, 2012); except that, if a
       referendum petition is filed pursuant to section 1 (3) of article V of the
       state constitution against this act or an item, section, or part of this act
       within such period, then the act, item, section, or part will not take effect
       unless approved by the people at the general election to be held in
       November 2012 and, in such case, will take effect on the date of the
       official declaration of the vote thereon by the governor.