Okla. Admin. Code § 650:1-1-6

Current through Vol. 42, No. 4, November 1, 2024

Section 650:1-1-6 - Reports, audits and reviews

(a)Business and policy plans. The Board shall develop a five-year strategic plan and an annual business plan for OCAST and OIT. [74 O. S. 2001, Section 5060.8] The Executive Director shall prepare the annual business plan including a report on funding levels for comparable programs in other states. [74 O.S. 2001, Section 5060.7] The Board shall adopt annually a threshold funding level for each program that is great enough to carry out the intent of OCAST's and the OIT's authorizing legislation. The Board's findings and recommendations shall be included in the annual report to submitted to the Governor and the Legislature. [74 O.S. 2001, Section 5060.22]

(b)Annual report. The Board is authorized and instructed to make an annual report no later than November 1 to the Governor, the President Pro Tempore of the Senate and the Speaker of the House of Representatives that shall include an independent annual audit of its finances and describe the accomplishments and activities of OCAST and OIT for the prior fiscal year. The annual report shall specifically account for the ways in which the need, mission and programs of OCAST have been carried out, including a review of OCAST's operations and transactions according to the objective measures set forth in the business plan. The report shall recommend specific changes in the activities of OCAST which are necessary to better carry out its need and mission. The report shall include elements the Board identifies as hampering the state's economic progress and recommendations for changes. The Board shall distribute the annual report by such means that will make it widely available to innovative enterprises of special importance to Oklahoma's economy. [74 O.S.2001, Section 5060.22]

(c)Annual audit. OCAST including OIT shall be submitted annually to an independent audit in accordance with generally accepted accounting principles which shall examine, among other things, actions governed by OCAST's administrative policies and procedures. [74 O.S. 2001, Section 5060.9]

Okla. Admin. Code § 650:1-1-6

Amended at 19 Ok Reg 3074, eff 9-9-02 through 7-14-03 (emergency)¹; Amended at 20 Ok Reg 2727, eff 8-11-03

¹This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last prior permanent text is reinstated. Therefore, on 7-15-03 (after the 7-14-03 expiration of the emergency action), the text of Section 650:1-1-6 reverted back to the permanent text that was effective prior to enactment of the emergency action on 9-9-02, as was last published in the 2001 Edition of the OAC, and remained as such until amended by permanent action on 8-11-03.