§ 37-2.3-4 - Fiscal monitoring of privatization contracts.
SECTION 37-2.3-4
§ 37-2.3-4 Fiscal monitoring ofprivatization contracts. – Each private contractor shall file a copy of each executed subcontract oramendment to the subcontract with the agency, which shall maintain thesubcontract or amendment as a public record, as defined in the access to publicrecords act.
(1) Audits. Privatization contracts shall be subjectto audit or review, as defined by the American Institute of Certified PublicAccountants, by the office of the auditor general at the discretion of theauditor general. Any audit or review shall be conducted in compliance withgenerally accepted auditing standards.
(2) Access. All privatization contracts shall includea contract provision specifying language that provides public access to thecomplete contract.
(3) Fiscal accountability. As part of the budgetaryprocess, each state agency shall provide an addendum to their submitted budgetrequest listing all privatization contracts; the name of each contractor,subcontractor, duration of the contract provided and services provided; thetotal cost of each contract(s) for the prior year; and the projected number ofprivatization service contracts for the current and upcoming year, the totalcost of each contract(s) for the prior year; the estimated costs of eachcontract(s) for the current and upcoming year. The addendum for each agencyshall also contain a summary of contracted private contractor employees foreach contract, reflected as full-time equivalent positions, their hourly wagerate, and the number of private contractor employees and consultants for thecurrent and previous fiscal year. The addendums shall be open records.