Legislative Audit Committee

Legislative Audit Committee to Review the State of Montana’s Financial Audit, Public Retirement Systems, the Board of Investments, and Issues Relating to Tax Increment Financing at the February Meeting

Committee: Legislative Audit Committee
Author: Angus Maciver
Posted on February 21, 2018

Image of exterior of the Capitol

The Legislative Audit Committee (LAC) will meet Wednesday, February 28, 2018, in room 172 of the State Capitol. The Legislative Audit Committee ensures accountability for the disposition and use of public funds, and the efficient and effective management of state government programs.  The committee meets regularly to review Independent Audit Reports, interact with audited agencies, and advise and consult with the Legislative Auditor and the staff of the Legislative Audit Division.

Financial and Compliance Reports scheduled for review in February include: the Montana Guaranteed Student Loan Program, Board of Housing, State of Montana, Montana Board of Investments, Teachers’ Retirement Board and the Public Employees’ Retirement Board. The LAC will additionally be reviewing a contract audit titled the State of Montana Consumer counsel and the State of Montana Legislative Branch Excluding the Consumer Counsel.

The State of Montana report contains financial statements summarizing all state financial activity, including the university system and its foundations.  The report summarizes the state’s resources and obligations, and includes a wealth of information on important financial topics, such as investments, long-term debt, financial commitments, and significant events impacting the state’s financial status.  The report also contains a detailed schedule of the state’s federal grant activity.

Also scheduled for review is a performance audit of the Tax Increment Financing Administration and Impact.  There will also be focus on a follow-up report for a performance audit of School Data Collection Systems and Processes.  The committee will also review an Information Systems audit on Governance Practices for Information Technology Investments.

Senate Members of the LAC are Dee Brown (Secretary), R-Hungry Horse; Terry Gauthier, R-Helena; Bob Keenan R-Bigfork; Margaret MacDonald, D-Billings; Mary McNally (Chair), D-Billings; and Gene Vuckovich, D-Anaconda.  House members are Kim Abbott, D-Helena; Dan Bartel, R-Lewistown; Randy Brodehl, R-Kalispell; Tom Burnett, R-Bozeman; Virgina Court; D-Billings; and Denise Hayman, D-Bozeman. 

The LAC meeting is set to convene at 9:00 a.m. on the 28th.  An agenda and other committee information are available on the LAC's website.

The meeting streams live at http://leg.mt.gov and will be broadcast on Television Montana (TVMT.) Please check your local channels listings to find TVMT in your area.