2016 Colorado Revised Statutes
Title 24 - Government - State
Principal Departments
Article 35 - Department of Revenue
Part 1 - Organization
§ 24-35-115. Mineral audit program

(1) The purpose of the mineral audit program established by this section is to develop reasonable assurance that all mineral revenues due to the state are received.

(2) The department of revenue shall conduct or cause to be conducted audits of oil, gas, and mineral rents and royalties, the mill levy revenue from oil and gas production under section 34-60-122, C.R.S., and severance taxes accruing to the state from federal, state, and private lands. This auditing shall be conducted by a special unit which shall not have any other duties. The auditing may be conducted through contracts with other state agencies or the federal government. However, a state agency may not contract for an audit of federal mineral revenues unless the federal government pays the cost of any such audit.

(3) The cost of each of the following audits shall be paid by an appropriation from the general fund: Severance tax revenues; revenues accruing to leases managed by the state board of land commissioners authorized in section 36-1-113, C.R.S.; and revenues accruing to the oil and gas conservation and environmental response fund created in section 34-60-122 (5), C.R.S. At the end of each fiscal year, beginning with the fiscal year starting July 1, 1986, the oil and gas conservation commission and the state board of land commissioners shall each repay, from the oil and gas conservation and environmental response fund, created by section 34-60-122 (5), C.R.S., and the state land board administration fund, created by section 36-1-145 (2) (a), C.R.S., to the general fund the cost of such audits performed on their respective fund, which reimbursement shall not exceed the dollar amount of the collections received by each agency from such audits.

(4) Repealed.