175.8 - ANNUAL REPORT -- ANNUAL AUDIT.

        175.8  ANNUAL REPORT -- ANNUAL AUDIT.
         1.  The authority shall submit to the governor and to the members
      of the general assembly as request it, not later than January 15 of
      each year, a complete and economically designed and reproduced report
      setting forth:
         a.  Its operations and accomplishments.
         b.  Its receipts and expenditures during the fiscal year, in
      accordance with the classifications it establishes for its operating
      and capital accounts.
         c.  Its assets and liabilities at the end of its fiscal year
      and the status of reserve, special and other funds.
         d.  A schedule of its bonds and notes outstanding at the end
      of its fiscal year, together with a statement of the amounts redeemed
      and issued during its fiscal year.
         e.  A statement of its proposed and projected activities.
         f.  Recommendations to the general assembly, as it deems
      necessary.
         g.  An analysis of beginning farmer needs in the state.
         2.  The annual report shall identify performance goals of the
      authority, and clearly indicate the extent of progress during the
      reporting period, in attaining the goals.  Where possible, results
      shall be expressed in terms of number of loans and acres of
      agricultural land.
         3.  For fiscal years beginning on or after July 1, 2007, the
      auditor of state shall conduct an annual audit of the agricultural
      development authority to be paid from resources of the authority
      notwithstanding any other audit conducted on behalf of the
      authority's board of directors.  The auditor of state may acquire the
      services of an outside audit firm, if necessary, to conduct the audit
      as required in this subsection.
         4.  The authority's executive director, appointed pursuant to
      section 175.7, shall report semiannually to the legislative
      government oversight committees regarding the operations of the
      authority.  
         Section History: Early Form
         [C81, § 175.8] 
         Section History: Recent Form
         2007 Acts, ch 215, §92; 2009 Acts, ch 117, §1