49-38-1      Minutes of meetings--Books of account--Place of keeping--Public inspection.
49-38-2      Annual audit by department of legislative audits--Filing with auditor-general--Cost of audit.
49-38-3      Contents of audit.
49-38-4      Time for audit--Furnishing information to auditor.
49-38-5      Repealed.
49-38-6      Repealed.
49-38-7      Expenditure of district moneys--Approval by board of directors.
49-38-8      Repealed.
49-38-9      Repealed.

49-38-1. Minutes of meetings--Books of account--Place of keeping--Public inspection.

The board of directors of a consumers power district shall keep accurate minutes of their meetings and accurate records and books of account, conforming to approved methods of bookkeeping, clearly setting out and reflecting the entire operation, management and business of the district. The books and records shall be kept at the principal place of business of the district or at other regularly maintained place or places of business of the district as designated by the board of directors, with due regard to the convenience of the district and its customers in the several localities or divisions served or from which the information is thus gathered or obtained. The books and records of the district shall at reasonable business hours be open to public inspection.

This section does not apply to information provided to the district by any other entity, or to information as to pricing of power between the district and any other entity. Such information is available to the auditor general.

Source: SL 1950 (SS), ch 17, § 32; SDC Supp 1960, § 52.1732; SL 1998, ch 276, § 27.

49-38-2. Annual audit by department of legislative audits--Filing with auditor-general--Cost of audit.

The fiscal year of a consumers power district shall coincide with the calendar year. The board of directors, at the close of each year's business, shall cause an audit of the books, records, and financial affairs of the district to be made by the South Dakota Department of Legislative Audits or by a certified public accountant or firm of such accountants, who shall be selected by the district, subject to the approval of the auditor-general of South Dakota. The audit shall be in a form prescribed by the auditor-general and shall contain and show the items set forth in this chapter. When the audit has been examined and approved by the auditor-general, written copies thereof shall be placed and kept on file at the principal place of business of the district, and shall be filed with the auditor-general within one hundred and twenty days after December thirty-first of each year. Each district shall pay the cost of such audit.

Source: SL 1950 (SS), ch 17, § 33; SDC Supp 1960, § 52.1733; SL 1989, ch 403, § 23.

49-38-3. Contents of audit.

In each consumers power district, the auditor-general shall require audits pursuant to § 49-38-2 to set forth:

(1)    The gross income from all sources of the district for the year previous;

(2)    The gross amount of electrical energy supplied by said district;

(3)    The amount expended during the previous year for maintenance;

(4)    The amount expended during the previous year for plant investments;

(5)    The amount of depreciation of the plant during the previous year;

(6)    The cost of supplying electrical energy, including production cost, transmission cost and distribution cost;

(7)    The number of employees as of December thirty-first of each year;

(8)    The salaries paid; and

(9)    All other facts necessary to give an accurate and comprehensive view of the cost of maintaining and operating the district.

Source: SL 1950 (SS), ch 17, § 34; SDC Supp 1960, § 52.1734.

49-38-4. Time for audit--Furnishing information to auditor.

The audit and report required by §§ 49-38-2 and 49-38-3 shall be made at the close of the fiscal year. The person making the examination and audit shall have access to all the districts books, records, vouchers, papers, contracts, or other data. It is hereby made the duty of all officers, agents and servants of said district to furnish to the person making the audit, his agents, servants, and employees, such information regarding the auditing of such district as may be deemed essential.

Source: SL 1950 (SS), ch 17, § 35; SDC Supp 1960, § 52.1735.