BY SENATORS Reeves, Linkhart, and Powers;
also REPRESENTATIVES Taylor, Clarke, Leyba, and Pfiffner.
CONCERNING THE INVENTORY OF PROPERTY BY LOCAL GOVERNMENTS.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 291504
(4), Colorado Revised Statutes, is amended to read:
291504. Auditor
powers and duties. (4) In
accordance with the provisions of subsection (1) of this section,
the auditor shall formulate classifications of inventory accounts
for local governments; such accounts shall be required to be kept
only with respect to items of property having an original cost
of one hundred dollars or more and
THAT EQUALS OR EXCEEDS AN AMOUNT ESTABLISHED BY THE GOVERNING
BODY OF EACH LOCAL GOVERNMENT, UNLESS such items having a value
of less than one hundred dollars
THE AMOUNT ESTABLISHED BY SUCH GOVERNING BODY ARE required to
be inventoried by directive of the STATE auditor. IN NO EVENT
SHALL THE AMOUNT ESTABLISHED BY THE GOVERNING BODY OF ANY LOCAL
GOVERNMENT PURSUANT TO THIS SUBSECTION (4) EXCEED THE AMOUNT SPECIFIED
IN RULES PROMULGATED BY THE STATE CONTROLLER PURSUANT TO SECTION
2430202, C.R.S., REGARDING INVENTORY ACCOUNTS FOR
ITEMS OF STATE PROPERTY.
SECTION 2. 291506
(1), Colorado Revised Statutes, is amended to read:
291506. Continuing inventory.
(1) The governing body of each local government shall
make or cause to be made an annual inventory of property, both
real and personal, belonging to such political subdivision; except
that an inventory shall be required only with respect to items
of property having an original cost of
five hundred dollars or more THAT
EQUALS OR EXCEEDS AN AMOUNT ESTABLISHED BY THE GOVERNING BODY
OF EACH LOCAL GOVERNMENT, unless such items having a value of
less than five hundred dollars
THE AMOUNT ESTABLISHED BY SUCH GOVERNING BODY are required to
be inventoried by directive of the state auditor. IN NO EVENT
SHALL THE AMOUNT ESTABLISHED BY THE GOVERNING BODY OF ANY LOCAL
GOVERNMENT PURSUANT TO THIS SUBSECTION (1) EXCEED THE AMOUNT SPECIFIED
IN RULES PROMULGATED BY THE STATE CONTROLLER PURSUANT TO SECTION
2430202, C.R.S., REGARDING INVENTORY ACCOUNTS FOR
ITEMS OF STATE PROPERTY.
SECTION 3. 291607
(3), Colorado Revised Statutes, is amended to read:
291607. Duties of state
auditor. (3) The auditor shall
formulate classifications of inventory accounts for local governments,
which accounts shall be required to be kept only with respect
to items of property having an original cost of
five hundred dollars or more and
THAT EQUALS OR EXCEEDS AN AMOUNT ESTABLISHED BY THE GOVERNING
BODY OF EACH LOCAL GOVERNMENT, UNLESS such items having a value
of less than five hundred dollars
which THE AMOUNT ESTABLISHED BY SUCH
GOVERNING BODY are required to be inventoried by directive of
the state auditor. IN NO EVENT SHALL THE AMOUNT ESTABLISHED BY
THE GOVERNING BODY OF ANY LOCAL GOVERNMENT PURSUANT TO THIS SUBSECTION
(3) EXCEED THE AMOUNT SPECIFIED IN RULES PROMULGATED BY THE STATE
CONTROLLER PURSUANT TO SECTION 2430202, C.R.S., REGARDING
INVENTORY ACCOUNTS FOR ITEMS OF STATE PROPERTY.
SECTION 4. Effective
date applicability. (1) This act shall
take effect at 12:01 a.m. on the day following the expiration
of the ninetyday period after final adjournment of the general
assembly that is allowed for submitting a referendum petition
pursuant to article V, section 1 (3) of the state constitution;
except that, if a referendum petition is filed against this act
or an item, section, or part of this act within such period, then
the act, item, section, or part, if approved by the people, shall
take effect on the date of the official declaration of the vote
thereon by proclamation of the governor.
(2) The provisions of this act shall apply to fiscal years commencing on and after January 1, 1998.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Patricia K. Dicks Judith M. Rodrigue
ASSISTANT SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO