2016 Colorado Revised Statutes
Title 24 - Government - State
Principal Departments
Article 35 - Department of Revenue
Part 2 - State Lottery Division
§ 24-35-211. Audits and annual reports

(1) The lottery fund shall be audited at least annually by or under the direction of the state auditor, who shall submit a report of the audit to the legislative audit committee. The annual audit shall include compliance with section 3 of article XXVII of the state constitution. The expenses of the audit shall be paid from the lottery fund.

(2) The commission and director shall make an annual report by March 1 of each year to the governor, the legislative audit committee, and the joint budget committee that shall include a summary of the division's activities for the previous year, a detailed statement of lottery revenues, prize disbursements, expenses of the division, allocation of remaining revenues, and any recommendations for change in the statutes that the commission or director deems necessary or desirable. The report shall be public.

(3) The director shall evaluate the lottery's expenditures to determine areas where the expenditures may be reduced with the goal of increasing net proceeds as a percentage of sales paid to the beneficiaries. Not later than July 1, 2005, the director shall report to the governor, the legislative audit committee, and the joint budget committee on any recommendations he or she desires to make based upon the evaluation.